• last week UBS trader Kweku Adoboli had a weird plea on his Facebook page: “Need a miracle.” The plea came on the same day as Switzerland’s central bank put a limit on how quickly the Swiss franc can grow against the Euro. Wonder if they’re connected … yeah, we’re gonna assume probably.
• this week After the bank realized it lost $2 billion on a series of unauthorized trades, Adoboli was arrested today. As one analyst, Fred Ponzo of Greyspark partners, put it: “The only way to dig a hole this big is by design.” In other words, UBS looks like it’s got some serious risk assessment problems. source

Posted by Ernie Smith • Permalink