Ghanaian Born Kweku Adoboli Arrested for Rogue Trades Totaling $2 Billion at UBS

Ghanaian born trader Kweku Adoboli arrested in early morning raid in London after running up $2 billion in unauthorized trades at Swiss bank UBS, causing the stock to tumble seven percent.

Rogue trader Kweku Adoboli (Daily Mail)

A brother has finally joined the ranks of rogue traders with the arrest of Ghanaian Kweku Adoboli, 31, in London early Thursday morning. Adoboli, who worked at Swiss bank UBS, is suspected of losing £1.3 billion, that's about $2 billion. The bank's shares tumbled seven percent in trading as it warned the unauthorized trading could tip the firm into a third-quarter loss. Damn, they're going to literally skin him alive. According to the Daily Mail, UBS chief Oswald Gruebel told the staff yesterday, in a memo, that the rogue deals were discovered within the past 24 hours.

Rene-Thierry Magon de la Villehuchet, Hedge Fund Manager, Whose Firm Lost $1.4B in Madoff Ponzi Scheme, Commits Suicide

They ought to add murder charges to the fraud charges scumbag Bernard Madoff is facing. The French business daily La Tribune has reported that Rene-Thierry Magon de la Villehuchet, a founder of the hedge fund Access International Advisors, was found dead early Tuesday in his office in Manhattan, after losing as much as $1.4 billion that had been invested with Bernard L. Madoff, the money manager who has been accused of running a $50 billion Ponzi scheme.

La Tribune reported that Mr. de la Villehuchet had been trying to recover the money that Access International raised in Europe and invested through Mr. Madoff’s business.

Luxalpha, a $1.4 billion Luxembourg-based fund sold across Europe, invested in Bernard L. Madoff Investment Securities. Access International last week called Mr. Madoff’s arrest a shocking development in a note to investors. Investors in the fund included a unit of Rothschild and several clients of the Swiss bank UBS.

UBS had been the custodian and administrator of the fund until this year when Access International took over. No one answered the phone at Access International’s New York office. UBS has stated that Mr. Madoff was not on the bank’s wealth management recommended list as a direct investment option but it produced and sold funds containing the investment manager’s products. UBS would establish fund of funds structures at clients’ requests. Source: NY Times

To echo the words of Jamaican superstar Buju Banton's song, I will say of Mr. Madoff:

Murderer! Blood is on your shoulders
Kill I today you cannot kill I tomorrow
Murderer! Your insides must be hollow
How does it feel to take the life of another
Yes, you can hide from man but not your conscience
You eat the bread of sorrow
Drink the wine of violence
Allowed yourself to be conquered by the serpent
Why did you disobey the first commandment
Walk through the valley I fear no pestilence
God is my witness and He is my evidence
Lift up my eyes from wence cometh help
You will never escape this judgement

Of course, some parts of the lyrics are in patois, the broken language of Jamaica. The message is the same, Bernard Madoff is no better than a murderer for what he has done to these people.

Rene-Thierry Magon de la Villehuchet, Hedge Fund Manager, Whose Firm Lost $1.4B in Madoff Ponzi Scheme, Commits Suicide

They ought to add murder charges to the fraud charges scumbag Bernard Madoff is facing. The French business daily La Tribune has reported that Rene-Thierry Magon de la Villehuchet, a founder of the hedge fund Access International Advisors, was found dead early Tuesday in his office in Manhattan, after losing as much as $1.4 billion that had been invested with Bernard L. Madoff, the money manager who has been accused of running a $50 billion Ponzi scheme.

La Tribune reported that Mr. de la Villehuchet had been trying to recover the money that Access International raised in Europe and invested through Mr. Madoff’s business.

Luxalpha, a $1.4 billion Luxembourg-based fund sold across Europe, invested in Bernard L. Madoff Investment Securities. Access International last week called Mr. Madoff’s arrest a shocking development in a note to investors. Investors in the fund included a unit of Rothschild and several clients of the Swiss bank UBS.

UBS had been the custodian and administrator of the fund until this year when Access International took over. No one answered the phone at Access International’s New York office. UBS has stated that Mr. Madoff was not on the bank’s wealth management recommended list as a direct investment option but it produced and sold funds containing the investment manager’s products. UBS would establish fund of funds structures at clients’ requests. Source: NY Times

To echo the words of Jamaican superstar Buju Banton's song, I will say of Mr. Madoff:

Murderer! Blood is on your shoulders
Kill I today you cannot kill I tomorrow
Murderer! Your insides must be hollow
How does it feel to take the life of another
Yes, you can hide from man but not your conscience
You eat the bread of sorrow
Drink the wine of violence
Allowed yourself to be conquered by the serpent
Why did you disobey the first commandment
Walk through the valley I fear no pestilence
God is my witness and He is my evidence
Lift up my eyes from wence cometh help
You will never escape this judgement

Of course, some parts of the lyrics are in patois, the broken language of Jamaica. The message is the same, Bernard Madoff is no better than a murderer for what he has done to these people.