9 Things UBS's Kweku Adoboli Said From The Witness Box

Pointing The Finger

Here's some quotes from Kweku Adoboli, the trader at the centre of the UBS $2.3bn unauthorized trading affair.

'I'm no different from anyone else who's a trader at UBS, except for the fact that I took responsibility for a very large loss'.

BBC News

'UBS was my family and every single thing I did, every single bit of effort I put into that organisation, was for the benefit of the bank. That is everything I lived for. To find yourself in Wandsworth prison for nine months because all you did was worked so hard for this bank'.

The Guardian

'My deep belief was what really happened was that they pushed him (SocGen rogue trader Jerome Kerviel) really hard to generate profits for SocGen and as long as he generated profits they were happy, and when it finished in the end in catastrophe they put him in prison.

'I have experienced exactly the same thing, not because I'm a rogue trader, not because I'm a fraudster, not because I'm a criminal, but because I went in pursuit of the goals set by our leadership'.

Reuters

'It’s a bit churlish of a junior trader to ignore the words of the global head of the investment bank. So we bought into the dip. As the market sold off, we bought more. But then the market actually did what I thought it would do, it sold off from peak to trough to 30 percent and I held on all the way down.

'I wish I was a rogue trader. I wish I hadn’t listened, we wouldn’t be here today'.

Bloomberg

'I'm devastated to have put UBS in that position. I'm devastated that my friends lost their jobs. I'm devastated that in order to tell the world who I am I have to tell things about my organisation that they wouldn't want me to'.

Reuters

'People have been in touch and said we’d like to help you but we can’t. Across the industry, there is no one who’s been willing to stand up to the machine'.

Bloomberg

'If I was not so proud to work for UBS, I would never put so much effort trying to convince them that we could achieve something at this bank'.

Daily Mirror

'I had seen traders in my peer group and traders more senior than me either hold positions off-book by not booking them as soon as they did the trade, or by booking a covering trade to take them beyond the first day or two. I don’t believe that what we were doing was illegitimate'.

Bloomberg

'I absolutely lost control, I was no longer in control of the decisions around the trades we were doing'.

BBC News

image: © Lisamarie Babik

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