Rogue Trading Scandals Call Risk Controls into Question

Erwin Martens, TIAA-CREF

The recent rogue trading debacle at UBS has once again thrown the issue of corporate fraud into the spotlight. How was another mid-level trader able to circumvent his firm’s risk controls in such a spectacular manner? By Sitanta Ni Mathghamhna

Like another financial Raskolnikov before him, Kweku Adoboli, the London-based UBS trader who rang up a £1.5 billion ($2.4 billion) loss, had an advantage: He was intimately acquainted with the bank’s back-office operations. As with Jérôme Kerviel, whose

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