UBS Rogue Hurts Banks’ War on Rules: William D. Cohan
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Sept. 16 (Bloomberg) -- If Wall Street’s not-so-subtleefforts to regain the upper hand against regulators soon beginto lose steam, it will be easy to pinpoint the reason: KwekuAdoboli, the 31-year-old purported rogue trader at UBS AG inLondon who allegedly cost the firm $2 billion on a horriblywrong bet.
London police arrested Adoboli at his desk at about3:30 a.m. Thursday. While no doubt UBS will try to pin the hugeloss on Adoboli alone -- just as Societe Generale SA did toJerome Kerviel in 2008 and Kidder Peabody & Co. Inc. did toJoseph Jett in 1993 -- there is likely to be more to the story.