UBS trader arrested for billions in unauthorized losses

Apparently a UBS trader lost $2 billion in unauthorized trades and lost a ton of money for the Swiss bank. When UBS found out, they sought to have him arrested and brought to justice.

UBS uncovered the trading losses on Wednesday and called the London police and financial regulators at 1 a.m. on Thursday. Mr. Adoboli was arrested at 3:30 a.m. on suspicion of fraud by abuse of position. Mr. Adoboli retained the law firm Kingsley & Apley to represent him, but a spokeswoman declined to comment on the case.

Hold on while I do the math. OK, I think I got it. It took London police two and a half hours to arrest someone for defrauding the big bank. By contrast, three years after the financial collapse, not a single bank executive has been sent to jail for defrauding homeowners and institutional investors. It’s almost enough to make one think that there are two tiers of justice regarding the banks and fraud.

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