UBS rogue trader also lost 123K spread betting

donaldduke

Experienced member
1,665 257
The City trader accused of fraudulently gambling away £1.4bn of his bank's money had lost £123,000 of his own cash through a spread betting account, a court heard.

Kweku Adoboli, who is standing trial accused of bringing Swiss bank UBS to the brink of collapse, lost so much of his own money spread betting he had turned to Wonga.com and a string of other payday lenders, the jury was told.

Southwark crown court heard that Adoboli, 32, opened an account at IG Index, a spread betting firm that allows customers to make bets on financial instruments in March 2010. In the year running up to his arrest last September he lost £123,000 and was issued with two warnings by his bosses for failing to declare the account, which breached the banks rules. He had also opened a second spread betting account at City Index.

UBS trader accused of fraud 'lost £123k of own cash on spread betting' | Business | The Guardian

I wonder which made him feel worse, losing £1,400,000,000 of the banks money, or £123,000 of his own??
 
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pboyles

Legendary member
8,072 1,302
Amazing isnt it. Yet if he'd come on here and said he was a professional trader with UBS people would have been following his every word like he was some sort of trading god.
 

timsk

Legendary member
7,344 2,136
Amazing isnt it. Yet if he'd come on here and said he was a professional trader with UBS people would have been following his every word like he was some sort of trading god.
Hi PB,
True, but as generalizations go, wouldn't you agree that so called 'experts' who work for city institutions are likely to be more knowledgable than the average T2W member? After all, the latter don't trade for a living while the former do. Also, this particular individual is a rogue trader - he's not a typical example of a city trader. Therefore, IMO, pro' city traders are a likely source of salient information and useful insights. Even if this chap had come on T2W and let it be known that he's a pro' at UBS - who's to say his posts wouldn't be highly informative and helpful? You know - a case of 'do as I say, not as I do'!

Having said that, I completely agree with the point implied by your comment, namely, that it's very wise to question anything and everything one reads on here and elsewhere. That's a point that's emphasized in the First Steps FAQs which all new members are encouraged to read.
Tim.
 

DionysusToast

Legendary member
5,963 1,499
Amazing isnt it. Yet if he'd come on here and said he was a professional trader with UBS people would have been following his every word like he was some sort of trading god.

Way to turn this into an "Anti-T2W" post PeeBee :clap: :clap: :clap:
 

chinabean

Active member
109 9
Hi PB,
True, but as generalizations go, wouldn't you agree that so called 'experts' who work for city institutions are likely to be more knowledgable than the average T2W member? After all, the latter don't trade for a living while the former do. Also, this particular individual is a rogue trader - he's not a typical example of a city trader. Therefore, IMO, pro' city traders are a likely source of salient information and useful insights. Even if this chap had come on T2W and let it be known that he's a pro' at UBS - who's to say his posts wouldn't be highly informative and helpful? You know - a case of 'do as I say, not as I do'!

Having said that, I completely agree with the point implied by your comment, namely, that it's very wise to question anything and everything one reads on here and elsewhere. That's a point that's emphasized in the First Steps FAQs which all new members are encouraged to read.
Tim.

Hear Hear!! :)

Definitely agree, plus the fact he got reprimanded for opening a spread betting account shows that he's not that smart!!

That being said, he does also highlight the fact that there are some people that work in front office that really do not merit that position.
 

Benj1981

Established member
694 108
Well im sure wherever he is, his old UBS colleagues will come to visit him each week.
 

D70

Established member
839 195
Hi PB,
True, but as generalizations go, wouldn't you agree that so called 'experts' who work for city institutions are likely to be more knowledgable than the average T2W member? After all, the latter don't trade for a living while the former do. Also, this particular individual is a rogue trader - he's not a typical example of a city trader. Therefore, IMO, pro' city traders are a likely source of salient information and useful insights. Even if this chap had come on T2W and let it be known that he's a pro' at UBS - who's to say his posts wouldn't be highly informative and helpful? You know - a case of 'do as I say, not as I do'!

Having said that, I completely agree with the point implied by your comment, namely, that it's very wise to question anything and everything one reads on here and elsewhere. That's a point that's emphasized in the First Steps FAQs which all new members are encouraged to read.
Tim.

Can I just correct something here. Investment bank traders DO NOT trade for a living. They are paid a salary to turn up each day. They may possibly get a % bonus of any proprietary trading they do on their book but most bank "traders" are actually just market makers and take very little proprietary risk, if any at all. Having worked at banks and hedge funds. I can quite happily say that a 'trader' at a bank yields zero interest and is just as idiotic as your average Joe. A 'trader' at a hedge fund on the other hand. He's the guy you want to be talking. He IS trading for a living.

Sell side vs buy side.
 
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timsk

Legendary member
7,344 2,136
Hi D70,
Hmmn, if I've understood you correctly, you appear to be saying that T2W members shouldn't pay any more attention to your posts than they do the 'average T2W member'? Does the knowledge and experience you've gained at the banks and hedge funds you've worked for not count for anything? I dare say you're a humble and self-effacing man, but I don't think you're as idiotic as the average Joe!
;)
Tim.
 

D70

Established member
839 195
Hi D70,
Hmmn, if I've understood you correctly, you appear to be saying that T2W members shouldn't pay any more attention to your posts than they do the 'average T2W member'? Does the knowledge and experience you've gained at the banks and hedge funds you've worked for not count for anything? I dare say you're a humble and self-effacing man, but I don't think you're as idiotic as the average Joe!
;)
Tim.

You've put it very well and yes, that's what I think.

My posts have no more validity than any other member.

No one knows the qualifications / experience / success / failure that a t2w identity may have had. We all just post opinions. And as we know, all opinions are just that, opinions.

Obviously, we all try to say it with some rhetoric but it's up to the reader to distinguish pinches of salt and a substantial offering of content.

One interesting thing.
I used to post under a different name on t2w and, I believe, was quite popular and even "followed". I had to stop using that name because I wanted to "out" a member who I knew to be lying.
Anyway, point of the story is. After making the change in name, it was surprising to me that even tho I was the same person, because I was a "new member" the reception I received was completely different. I believe this backs up my argument that all posters are of equal stature, well they are to me at least ;)





.
 
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wackypete2

Legendary member
10,229 2,053
You've put it very well and yes, that's what I think.

My posts have no more validity than any other member.

No one knows the qualifications / experience / success / failure that a t2w identity may have had. We all just post opinions. And as we know, all opinions are just that, opinions.

Obviously, we all try to say it with some rhetoric but it's up to the ready to distinguish pinches of salt and a substantial offering of content.


I agree your posts have no more validity than any other member! LMAO :LOL:

Just kidding, but I do agree with what you are saying. (y)

Peter
 

timsk

Legendary member
7,344 2,136
You've put it very well and yes, that's what I think.
Thanks for the compliment D70 but, if it’s all the same to you, I'll continue to pay marginally more attention to your ramblings than I do the average T2W member. Only a little mind, I don't want to over inflate your ego!

On a more serious note, whilst I admire the sentiments you express and, broadly speaking, I accept your point, I don't think it's entirely practicable for most members. Given the size of T2W, I think it's necessary to have some criteria by which one decides who knows their onions and is worth paying attention to and who is just as 'idiotic as the average Joe'. I'm not saying that I automatically accept verbatim what someone says just because they've worked in a bank or whatever. But, for me, their comments tend to have greater gravitas than the average member. By the same token, if you (as an example) disputes something I say or makes a comment that I don't agree with, it's more likely to result in me questioning my own beliefs than if the comments come from someone else that I don't respect (as much). I've adopted this approach for many years now and I'm not aware of it letting me down. The problem of course is identifying the members who, supposedly, know what they're on about. Working for a hedge fund / bank is a good clue, IMO. Think of Martingoul and Jack O Clubs - two examples off the top of my head. Arabianights is another, but often he descended into lulz and hid any pearls of wisdom he might have had to offer in quagmires of brown sticky stuff. Anyway, I hope you take my point - even though you don't agree with it.
Tim.
 
 
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