The story of the latest "rogue trader" who allegedly cost his Swiss employer $2.3 billion in fraudulent trading is a marvelous one, especially since the alleged rogue, Kweku Adoboli, was praying on his Facebook page for a miracle more than a week before UBS realized that a large pot of its money had gone missing.
The danger is that, in highlighting the fascinating details, we miss the main plot, which has immense implications not merely for bankers and their bonuses but also for the economy and societies.
Are the real rogues the traders who conduct the deals, or the banks whose procedures are so sloppy that such huge sums slip through the cracks?
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