1 - Kweku Adeboli
Honestly, $2 billion in trades hidden by a middle office boy turned trader. Clearly he has passwords to the systems he should not and has been able to hide his positions (no doubt trying to gamble his way back from an original poor trade). How this can happen, to UBS - home of the $35 billion casino bank trading losses 2008-11 - is entirely
Even better the platform he trades in is called Delta One - like some pathetic US shoot 'em up movie- this must have been named by some geek. We are near Skynet territory here!
Worse, the trades are Synthetic ETF's which have been regularly warned against for some time - see Gillian Tett here.
Anyway, it does not get much funnier than this - although this quote in The Telegraph - "This could happen to any bank" says senior investment banker - perhaps kills the laughter somewhat as the ineptness of those in charge or serious chunks of global funds is revealed.
2 - Central Banks flush the Money
Oh dear, finally the crisis headlines are hitting the main news items - somewhat late but there we go. How crazy is the reality behind this. US Money markets and other have now stopped lending to Europe altogether so the Central Banks have stepped in. Much like the ECB stepped in when investors stopped buying Southern European Sovereign debt.
The egg timer is nearly done now, the unelected bankers are juicing the system to buy the Politicians time, but the Politicians are not doing anything with it by the looks of things. So it will still end in tears with perhaps the Central Banks left holding more of a baby than they want to. What a terrible state of affairs the World is in when the unelected and nonpunishable Central Bankers are
Happy Friday - did I miss any other funnies?