"Making money no matter how" financial operator that reveals the darkest secrets of the big banks"

in #economics8 years ago

Kweku Adoboli was a dynamic and successful operator of the City of London until, overnight, became the face of the biggest financial scandal of recent times in UK.

In a series of irregular transactions, this young man of Ghanaian origin made him lose a fortune of US $ 1,900 million to his employer, the Swiss giant UBS (one of the largest banks in the world).

The financial sector and justice would not spared: Adoboli was sentenced to seven years in prison in 2012.

Prosecutors described him as a "master con artist" and a "liar sophisticated".

And since this man who is now 36 years has been unable to shake off the label of "the most dishonest historiade financial operator in the UK," as called the police.

Recently he released from prison (before provisions for good behavior) and just give an exclusive interview to the BBC.

Adoboli not only denies being a criminal, but also rejects the theory that acted as a "lone wolf" in the world of banks.

According to him, financial institutions prevails slogan "make money no matter what."

shady dealings

But first you have to understand is what Adoboli did to end up in jail.

Amid the global financial crisis that erupted in 2008, he made a series of risky financial bets looking for hefty profits.

And to cover up their shady dealings created a complex scheme of concealment. Basically, what he did was to record dummy to "cover" irregular transactions.

It was thus violated UBS's internal rules and, of course, the law.

The losses were enormous for both the Swiss bank and the City of London. And not just for the money: until today the financial sector faces ladesconfianza the public who accuses him of being untransparent.

Adoboli, who has publicly apologized for fraud, says the BBC that the system led him to act as he did.

"Operators are driven to make huge profits and are rewarded for it," he says.

"There is a real conflict of interest in banks, because on the other hand want to appear as responsible institutions."

So Adoboli no doubt that other operators have committed similar crimes-and cometiendo- are those for which he was imprisoned. "I am absolutely convinced" he exclaims.

Risk or regulation

The exoperador UBS says that the behavior of banks "has not changed" since the outbreak of "his" scandal.

"Many former colleagues with whom I have spoken tell me they are facing the same problems. Basically, the pressure to make big profits in a sector that is increasingly regulated in terms of procedures and profitability that can be achieved".

"It's something that is on the basis of the financial industry," said Adoboli.

"The pressure is very large, as banks seek the same level of benefits in the past. And as profit margins have narrowed and controls have been intensified, the only way to get money is by taking serious risks."

"Clearly, in the financial sector there is a conflict between the goals and possibilities of achieving them," he says.

According Adoboli whenever an operator enters this conflict faces a "gray area prone to crime", so that the probability that there are irregularities everyday level "is high".

UBS, which almost reeling from the scandal starring the former employee, has denied that other members of its staff have been involved in operations Adoboli and said that he acted alone.

"I made many mistakes, I accept my guilt," he tells the BBC exoperador. "But I worked in a context."

The truth is that some of his colleagues had long suspected the nature of their transactions.

So the big question that remains in the pipeline is how managers UBS took so long to find out: Are they really did not detect it or simply allowed?

The exoperador feel lonely because the financial sector has denied and isolated.

But he insists that there are many others like him who have fallen into the trap of profit at all costs.


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