Kweku Adoboli: Rogue UBS Trader or Economic Terrorist?

Welcome to TishTrek - More than a JOB BLOG!

We all know the tag-line: "If you see something, say something."

This morning, my keyboard spoke when I forwarded worrisome concerns regarding UBS Trader Kweku Adoboli to the FBI, Todd Schoenberger @ Landcolt Trading & to reporters @ the New York Post.

I've never been afraid to challenge situations which have the potential to adversely impact fellow citizens. That's why I ask questions; and research answers.

In the end, if a theory or concern is proven unwarranted or wrong through a thorough due diligence process - I'm relieved and grateful. I accept the results & move on...

Having said that, I believe that we're all accountable for taking steps to mitigate risks that put our society and the health, welfare and safety of our fellow man in danger.

See below...

Best regards,
TishTrek

----- Original Message -----
From: Tish Ferguson
To: tharp@nypost.com ; ptharp@nypost.com ; jcrudele@nypost.com
Sent: Friday, September 16, 2011 8:34 AM
Subject: Kweku Adoboli: Rogue UBS Trader or an Economic Terrorist?


Attention: Paul Tharpe
Cc: John Crudele

Gentlemen:

Is Kweku Adoboli a rogue UBS trader or an economic terrorist? Could UBS's $2 billion trading loss be the result of an intentional act which was executed to support the underpinnings of the London riots? Could other London banks be next? Google www.deepblack.org.uk - "the place where conflict is creative."

deep:black co-founder Petra Hilgers photo blog can be found on www.deepblack.org.uk. Hit NEWS icon @ the top of pg; then hit Petra's Photo Blog which was announced on the site on September 6th in the 2nd bullet. When you reach 'petra hilgers' page, you'll find the anti-corporation picture (Citi & HSBC London office buildings in the background; with a black sheep in the foreground) - it's the third photo down. The site's riot:lyrics goes on to make the compelling case that the uprisings in London are far from over & agitators have lots of targets on their mind. On Aug 18th, the site shared this quote/ comment from one of her followers to inspire followers: "devoid of love - divide us & rule us; looting & destroying; look who got there first." Who do they think looted and destroyed 'us' first? The global banks?

On August 26th, Petra Hilgers posted a rant underneath her photo of the Citi, HCBC London offices which states: "White sheep or black sheep? And who’s the black sheep: the sheep in the foreground? The corporate power in the background? I like the complexity of this image which at a first glance doesn’t seem complex at all. And it makes me think of the discussions all around me about the riots in London: the temptation to divide into black & white and find easy answers when in fact things are so very complex, layered and possibly uncomfortable. I wonder: how many of us find and if only faintly that the word “riot” resonates somewhere deep inside?"

Finally, rogue UBS Trader or economic terrorist? (you decide). In your NY Post article, you write that "experts said it was difficult to pile up huge unauthorized postions with such mundane trading strategies..." I'll take that point a step further. Interview Chief Information Officers in trading execution services and they'll tell you that it's not only difficult, it's almost impossible without some kind of 'collusion' across business/functional areas to execute such trades without notice.

Whatever caused this $2 billion loss, you can be sure that Kweku Adoboli did not act alone. How come UBS order & execution supervisors weren't managing compliance workflow and the technology that helps mitigate risk by identifying questionable transactions & positions? Who ignored the surveillance requirements under Reg NMS, OATS, etc that are specifically designed to protect UBS & its shareholders? UBS is a revered state-of-the-art advanced technology shop with sophisticated data feed solutions that track both market & trade data.

Some of the top technologists, risk managers and compliance professionals on the planet work for UBS, so the lone wolf theory UBS & the media is peddling simply isn't believable.

I'm writing because I'm worried. The global banking system should be worried too.
- Tish

Respectfully submitted,
TishTrek