Fri, 24 May 2013
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Kingsley Napley drafted in to represent alleged UBS rogue trader
I fail to see the reasoning behind the above snide remarks.
In our black and white world, either the bank was to blame or the individual.
Naturally, the bank has almost unlimited resources and the individual will be blamed.
However, anyone who has worked in this field will tell you that banks strive foremost for profit. This is reflected in how they incentivise employees. Their compliance systems and controls are a secondary or tertiary consideration and (until very recently) have tended to be manned by failed business-persons.
Accordingly, it is probably more important for our general welfare that everyone understands how such institutions operate and how this can be improved - rather than prosecuting another shoplifter.
This means providing the best legal support to the relevant individual so that he or she can resist the institution's almost inevitable assertion that he or she was a "rogue trader".
Unfortunately (for our general welfare), the FSA focusses on easy goals and fines the banks minuscule amounts for serious wrongdoing. Alternatively, the blame is placed on the individual. No one learns and Barings is a distant dream.
THIS IS ALL ABOUT SENIOR MANAGEMENT RESPONSIBILITY ALTHOUGH NO-ONE WILL ACCEPT THAT.
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