This is a company that basically has its tentacles in all sectors of the economy. How could such a thing happen.

And this is how he lost the $2b:

[quote]A source close to UBS said Adoboli was a highly-rated trader on the bank’s Delta One desk and dealt with its roster of high-profile London fund clients.

Several market participants told Financial News this morning that Adoboli may have mis-hedged his exposure to the Swiss franc and attempted to hide it from his team when the market moved against him by overcompensating with a hedge in the opposite direction. Any short position on Swiss franc volatility would have suffered after volatilities rose again earlier this week. UBS claims the third largest share in global foreign exchange trading, and is the biggest trader in the euro/franc pairing.

Outside Adoboli’s former home in Aldgate – a large loft space that he rented for £1,000 a week – Philip Octave, Adoboli’s landlord until four months ago, said he was “very, very polite –a salesman sort of chap”.

http://www.efinancialnew...boli?mod=mostemailed-TT[/quote]

1000 pounds a week rent? Jesus! That's 149,000 kenya shillings using todays exchange rate, 750,000 a month.
Life must be expensive in the UK.