Until the financial crash of 2008, news that a rogue trader had allegedly lost Swiss investment banking giant UBS £1.5 billion would have been greeted with shock, swiftly followed by fascination as to how it happened.
Now, having bailed out high street banks, the taxpayers’ reaction to Kweku Adoboli’s £1.5bn failed gamble is anger that 16 years after Nick Leeson broke Barings Bank, the management of investment banks still does not know what is going on at the sharp end and that the Government is showing a lack of urgency in implementing the recommendations of the Vickers Commission to ringfence retail banking.
A healthy attitude to money: pay tax with pride
Until the financial crash of 2008, news that a rogue trader had allegedly lost Swiss investment banking giant UBS £1.5 billion would have been greeted with shock, swiftly followed by fascination as to how it happened.
Now, having bailed out high street banks, the taxpayers’ reaction to Kweku Adoboli’s £1.5bn failed gamble is anger that 16 years after Nick Leeson broke Barings Bank, the management of investment banks still does not know what is going on at the sharp end and that the Government is showing a lack of urgency in implementing the recommendations of the Vickers Commission to ringfence retail banking.
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Don't show me this again.