Kweku Adoboli Says Diamond, Dimon Lost Huge Money In The Early Years Of Career

The former UBS AG (UBSN), Kweku Adoboli has been jailed for making a loss of  $2.3 billion. He said that former Barclays PLC (ADR) (NYSE: BCS) CEO Bob Diamond along with JPMorgan Chase & Co. (NYSE: JPM) Chief Executive Officer Jamie Dimon became successful at making good money because they took the early risks in their careers.

This statement was given by Adoboli in an email after he was sent to jail on November 20 for creating the biggest illegal trading loss in the entire British history. He also mentioned in the email that in the early part of their careers even Dimon, Diamond and Yassine Bouhara, the former co-head of global equities at UBS, lost huge monetary sums.

CFTC Lawsuit

On the position taken by Matthew Marshall Taylor in 2007, The Goldman Sachs Group, Inc. (NYSE: GS) had to lose a massive sum of $118 million. The Commodity Futures Trading Commission sued Matthew Marshall Taylor. The CFTC is now looking for a penalty of $130,000, or three times Taylor’s monetary gains for every violation counting on the highest one.  However, Matthew Marshall Taylor’s lawyer has said that his client is not accepting any of these allegations.

In one such illegal trading case, the prior head of a desk UBS’s London wealth-management unit was just fined by U.K. regulators and not allowed on a permanent basis to work  in the industry. The bank accepted to repay the customers around $42.4 million for the losses incurred. It also paid 8 million-pound ($12.8 million) as a fine in 2009. However, the trader did not get prosecuted.

Adoboli, wrote on November 14 in an email that such things keep happening around every time on different scales. However, he added that “he was not bitter”.  In his London trial, Adoboli was accused of expanding his trading limits and keeping the risk under wraps by booking false hedges.

Shares of Barclays PLC (ADR) (NYSE: BCS) were up by 2.52% to close at $16.28, Shares of JPMorgan Chase & Co. (NYSE: JPM) were up by 0.88% to close at $41.09, and shares of Goldman Sachs Group, Inc. (NYSE: GS) were up by 2.22% to close at $120.31.

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Published by Benjamin Roussey

Benjamin Roussey is from Sacramento, California. He has two master’s degrees and served four years in the U.S. Navy. His bachelor’s degree is from CSUS (1999) where he was on a baseball pitching scholarship. His second master’s degree is an MBA in Global Management from the University of Phoenix (2006). He has worked for small businesses, public agencies, and large corporations. He has lived in Korea and Saudi Arabia where he was an ESL instructor. Benjamin spends his time in between Northern California and Cabo San Lucas, Mexico, committing himself to his craft of freelance and website writing.