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Adoboli Fraud in UBS Recklessness Deflates Thatcher Deregulation

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When Oswald Gruebel, chief executive officer of UBS AG, stepped off a plane in Zurich at dusk on Sept. 14, 2011, he had an urgent message on his mobile phone from investment-banking head Carsten Kengeter.

Gruebel’s decades of experience in finance told him this could only be bad news, he recalled in an interview in October