Swiss bank UBS lost around $2 billion dollars due to the fraud of a rogue trader Kweku Adoboli. UBS is the largest bank in Switzerland and this scandal does nothing to assure investors and depositors of its oversight procedures. This latest rogue trader scandal comes a few years after Societe Generale’s Jerome Kerviel perpetrated the largest rogue trade fraud ever on a bank valued at $6.7 billion dollars, causing oversight rules to be tightened and procedures streamlined to secure the bank against future rogue actions. It seems preposterous to trust any one individual with massive sums of money and inevitable that such things will occur again the future unless procedure, and to an extent investment culture, is changed.
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