Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
Monday, 17 September 2012
UBS 'Rogue Trader' on Trial in UK
Kweku Adoboli was arrested last year and is charged with fraud and false accounting, for allegedly losing his bank, UBS, a cool $2.3 billion in so-called unauthorised trades. The 32-year-old Ghanaian has pleaded not guilty to the charge. On Friday the prosecution accused him of acting like a naked gambler. GFX It said "The motive was to increase his bonus, his status in the bank, his job prospects and his ego." "Like most gamblers he believed he had the magic touch." At one level this is a trial about the misdeeds of a single rogue trader and how he was able to make such a mess of things for so long. In the public's perception at least, the behaviour of banks like UBS is at the heart of the ongoing economic crisis. Al Jazeera's Sylvia Lennan reports.
