As Ghanaians we are always castigating our political leaders for mounmental failures, coruption and lack of accountability. This UBS case has left me wondering whether we (some of us – and a good majority of people) are being blind to the key issues raised by this guys actions?
I accpet that all the facts of the case are not yet in public domain and that a person is not guilty until he has been proven guilty. But the fact remains that: here is someone who has been given a position of responsibility to act within a certain parameters but somehow has failed to live up to the reasonable standards expected of him.
If these serious allegations levelled against him is true, then this is indeed distressing for him, his family and friends alike. Unfortunately, some of your readers/contibutors to your comments and views section on the website leaves a lot to be desired.
We seem to be interpretating this as the fault of UBS andsome form of Racist agenda. It is human nature for high performers not only in the City of London to sometimes take excessive risk to safe guard their position as a top performer.
If the Bank had been racist in any form (totally different subject!), he will not have been given an Alpha status even though he must have been good at what he did until now. This should not detract us from the fact that UBS has taken a hit ($2.3b) from this young trader’s actions ($10b bet).
Banks allow their staff to run risk as a means of making money but this should be hedged so that you do not take one way bet. What seems to be the case here is that the gentleman in question took a one way bet. Ordinarily, this is impossible to do as most banks system will expect you to book a trade against a counter party (another Bank) to minimise your risk and therefore your potential profit or loss. Unfortunately, this guy managed to by pass all of those controls and booked a one-way bet.
The main victims is not even Kweku the trader, but his friends, family his work colleagues and the many people whose pensions have been invested in that company. Most of his work colleagues will soon be looking for new jobs as the Bank is likely to cut cost – staff. The sad fact is that majority of the people who will lose their jobs are probably paid just an average UK wage and not anywhere near six figure sum quoted to be earned by Kweku. I find it unbelievable that we as Ghanaians should be making excuses for him.
I question if you had employed someone to work in your shop and you gave this person the responsibility to do all your banking transactions including taking your cash to Bank and somehow he went to invest this money in something else with the view of making a profit – I wonder if it you will be very pleased with the idea.
I am afraid I am a human being and I will be very furious – for taking a risk with my money without consulting me? How else will you describe it other than Fraud?
I am surprise some of your readers are confused whether such behaviour is fraud but these same people have a view when it comes to our own politians? We have to be able to take a consistent stand when someone is wrong and be able to say so without chopping and changing of when one is wrong. Wrong is Wrong, and all wrong should be discouraged.
Kweku Fynn