Salient to Investors:
Kweku Adoboli, the former UBS trader jailed over losing $2.3 billion, said:
- Financial leaders such as Jamie Dimon, Bob Diamond and Yassine Bouhara all lost large amounts of money at some point in their careers. (Bloomberg couldn’t couldn’t confirm whether they had substantial losses earlier in their careers.)
- The more senior you are the easier it is to avoid getting slammed to the wall
- Losing money seems to make you better at making money – traders who lose money always get rehired, as long as they still have their risk appetite.
- A trader at Goldman Sachs concealed an $8.3 billion position but wasn’t prosecuted and was later hired by Morgan Stanley.
- These things happen all the time to varying scales.
Read the full article at http://www.bloomberg.com/news/2012-11-23/diamond-dimon-s-early-risks-made-them-better-adoboli.html