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UBS’s rogue trader - 
Collective responsibility


A FEW days ago Kweku Adoboli, a former trader at UBS, discovered what it meant to have caused a $2.3 billion loss: he was convicted on two counts of fraud and faces up to seven years in prison. Now the bank has to digest repercussions of its own: regulators in Britain, where the losses were incurred, and Switzerland are sticking it to the firm.

Britain’s Financial Services Authority (FSA) fined UBS nearly £30m ($48m) over the rogue trader—the third largest fine the regulator has imposed in its history. “UBS failed to question the increasing revenue of the desk and failed to ensure that there was a corresponding increa...