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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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WATCH: Obama wipes away tears addressing campaign workers – New York Daily News

Category : Stocks


Irish Independent
WATCH: Obama wipes away tears addressing campaign workers
New York Daily News
WATCH: Obama wipes away tears addressing campaign workers after White House win. While Americans have seen the President talk tough and even let loose these past four years, he is rarely seen publicly weeping. By Erik Ortiz / NEW YORK DAILY
Video: Obama's emotional, teary thank-you to staffLos Angeles Times
Obama tears up in video as he thanks campaign staff after re-electionReuters
Tearful Obama Credits Staff for History-Books CampaignABC News (blog)
ABC7Chicago.com

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Tearful trader Kweku Adoboli tells trial: ‘UBS was my family’

Category : Business

Former trader breaks down several times on first day in witness box on charges that he gambled away £1.5bn of bank’s money

Kweku Adoboli repeatedly broken down in tears on Friday as the former UBS “rogue trader” defended himself against charges that he gambled away £1.5bn of his Swiss bank’s money.

Adoboli, 32, burst into tears several times as he told the court in his first day of testimony that he was so wedded to his job that he put in 16-hour days, sometimes slept under his desk, and skipped his grandmother’s funeral because he couldn’t bear to drag himself away from his trading platform as he battled to reverse multimillion-pound losses.

“UBS was my family and every single thing I did, every single bit of effort I put into that organisation, was for the benefit of the bank. That is everything I lived for,” he said as he dabbed his eyes with a paper handkerchief in the witness box of court three at Southwark crown court. “To find yourself in Wandsworth prison for nine months because all you did was worked so hard for this bank.”

At one point, he became so distraught that Judge Brian Keith interrupted proceedings to tell Adoboli that he shouldn’t be embarrassed about becoming overrun by his emotions, and that it gave the jury a chance to “see the man behind the name”.

Adoboli spent his childhood in Israel and Syria, where his father, a United Nations diplomat, was posted, before being sent to a Quaker boarding school in Yorkshire.

He described his rapid ascent up the ranks after joining UBS as a graduate trainee straight from Nottingham University. The only other job he had before joining the bank was as a waiter.

The court heard that when the financial crisis began to take hold in 2007 it was just Adoboli, then aged 27, and John Hughes, 24, in charge of a $50bn (£31bn) portfolio of assets on the bank’s exchange traded funds desk in London.

“Our book was massive. A tiny mistake led to huge losses. We were these two kids trying to make it work,” he said. “There was a total of 30 months in trading [experience] between the two of us and we were in charge of a $50bn book. We were just losing so much money – it was mental.”

Prosecutors claim Adoboli began fraudulently trading in 2008 in order to hide the huge losses that were stacking up. The unauthorised trades remained hidden for years in so-called umbrella accounts set up to store the funds.

The unauthorised, or “dummy”, trades eventually cost the bank £1.4bn – the biggest-ever rogue trading losses in British history – and wiped £3bn off its share price. Adoboli, who denies two charges of fraud and two of false accounting, said the trades were “not fraudulent – it [was] finding a way to do your job”.

He said lots of traders were afraid that UBS may have been about to follow other big banks by collapsing, and said everyone at the bank was asking themselves: “What can we do to help this organisation survive this incredible crisis?

“Every moment of every day [I] spent thinking, ‘How do I make this book work?’ Nothing else was important enough to overcome that.”

He told the court that in order to try to claw back the losses, he was getting up at 4am to catch up on developments in the markets overnight, before cycling to work at 6am and often staying there until well past midnight.

“The hours were immense,” he said. “You were at your desk all the time.

“My grandmother died and I was unable to go to her funeral. It was just John [Hughes] on the desk, it was impossible to leave.

“My life became work,” he added as he broke down in tears for the fourth time.

Adoboli, in a dark suit and maroon tie, said he carried out the unauthorised trades for “the book, and the bank”, and not out of personal greed, as alleged by the

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Ten-man Chelsea ousts Barca to reach showpiece final

Category : World News

Lionel Messi walked off the Nou Camp pitch in tears, as one of the most dominant eras in European club soccer came to a crashing halt.
He wasn’t the only one shaking his head in disbelief.

Originally posted here: Ten-man Chelsea ousts Barca to reach showpiece final

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Tori Stafford’s teacher recalls ‘lovely little girl’

Category : World News

Victoria (Tori) Stafford’s teacher fought back tears as she told a jury about the last time she saw her former Grade 3 student alive.

The rest is here: Tori Stafford’s teacher recalls ‘lovely little girl’

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Putin claims victory in Russian election

Category : World News

With tears rolling down his cheeks at victory rally, he thanked supporters for helping to foil plots against country.

Excerpt from: Putin claims victory in Russian election

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