In Southwark Crown Court in London, the boyish-looking Mr. DiBacco was cross-examined for more than three hours by Mr. Adoboli’s lawyer, Paul Garlick, whose questions appeared to be aimed at showing the Swiss bank was fully aware of his client’s activities and that his trading was in line with the risk-taking culture in London. Mr. DiBacco was the former global head of synthetic equity trading at UBS and Mr. Adoboli’s boss before he was terminated in January 2012 for failure to supervise. Mr. DiBacco said he disagreed with UBS’s assessment of his performance. Earlier on Friday, a prosecutor, Sasha Wass, focused on the risk limits Mr. DiBacco placed on the London trading desk when he took it over in April 2011. Mr. DiBacco, dressed in a blue pin-striped suit, pale blue shirt and red silk tie, testified that in late July 2011 he telephoned Mr. Adoboli while on vacation in Colorado and ordered him to cut the risk in his trading book. Mr. DiBacco said he remembered the conversation with the trader “very clearly’’ because he was speaking on the telephone in front of his girlfriend who was “not particularly pleased’’ that he was talking about markets and risk while on vacation. “Shut everything down,’’ Mr. DiBacco said he told Mr. Adoboli. “I want no risk.’’ [Dealbook]
Kweku Adoboli Is A Free Man!
Kind of! Though he doesn't go to trial until September, the UBS's rogue trader was granted bail after ten months in jail and a February denial to go home. Naturally, he's pretty pleased about the turn of events (which allow for sleepovers). Mr. Adoboli, 32, has to stick to a curfew but can stay at a friend’s house wearing an electronic tag as part of the bail agreement. Tim Harris, Mr. Adoboli’s lawyer at Bark & Company, said his client was “delighted” and would like to thank family and friends for their support in achieving his release. Mr. Adoboli is expected to be released from London’s Wandsworth prison as early as Monday, Mr. Harris said. Mr. Adoboli had pleaded not guilty to counts of false accounting and fraud. He was arrested in September after UBS alerted the police. The bank claimed that Mr. Adoboli had masked the billion dollar losses from internal controls with fictitious trades. Mr. Adoboli has remained in custody ever since his arrest. The trading scandal rocked the Swiss bank and led to the resignation of its chief executive, Oswald J. Grübel. Denying Mr. Adoboli bail in February, the judge said that the allegations against the former trader were “serious” and “backed up with cogent evidence.” Former UBS Trader Is Granted Bail [Dealbook]