Apparently they have now established a special committee, WOHA. Why do these idiots never consider being proactive and have a quality control department before hand monitoring accounts and transactions. For if transactions are monitored they can ascertain whether the traders books are good or bad. In fact are not all trading systems computer driven and thus fully accountable, I'd say YES. You would expect that they account impeccably.
I think what we have here is UBS turning a blind eye so they didn't have to deal with this during the great 2008 crash, or they hoped that his big bets may become good? I think this seems more likely, considering the supposedly new rules introduced by the FSA after the last Barings Bank scandal. But we all know the FSA are as weak as a wet blanket if not corrupted at the top. So I guess the FSA rules where just as ludicrous as the rules which allowed a UK Prime Minister driven light touch credit frenzy from 2002 onwards.
Share prices down next week I think, particulary as we're at the top of the current range and the news is suprisingly turning negative. Surlely not the newspapers working with the banks, that wouldnt happen now would it Mr Murdoch.
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