'The culture, practice at the bank you were working for, didn’t matter as long as you were making money', Sherrard said to Ron Greenidge, who oversaw UBS’s exchange-traded-funds desk until April of last year.
Adoboli, 32, is on trial on charges of fraud and false accounting over unauthorized trades that lost $2.3bn. Adoboli admitted he risked $5bn on Standard & Poor’s 500 futures and a further $3.75bn in the German futures market, Greenidge said in testimony yesterday.
Greenidge, who worked at UBS for 19 years, said today he was dismissed for gross misconduct because of Adoboli’s trades. He said he felt the bank was making him a scapegoat.
Hit the link below to access the complete Bloomberg article:
UBS Overlooked Limits When Trade Made Money, Lawyer Says
Jefferies Profit Beats Estimates on Trading Revenue Surge
FDIC’s Hoenig Says Banks May Revisit Pre-2008 Risky Behavior
The Billionaire's Apprentice
The Buy Side: A Wall Street Trader's Tale of Spectacular Excess
