Bloomberg reports that Adoboli, 32, admitted lying to at least eight people at the bank shortly before he confessed to causing the losses in September of last year. He lied because he wanted to 'buy time' to give him the chance to recoup the losses.
'It is a long list of people who only asked questions after our trading methodologies were loss-making', Adoboli told a London court on his fourth day of testimony. 'When that trading was profitable, no one asked questions'.
Adoboli testified Wednesday that his intentions were never dishonest and that senior management at UBS’s investment bank were telling traders to 'push the boundaries' to generate more profits.
'In pursuit of the profits that our leadership were asking us to pursue, we had to increase our risk', Adoboli said. 'The risk exposure was naked, or unhedged, and the point behind it was to make a profit from the likely market move. Now it may have been unhedged, it doesn’t mean it was unresearched'.
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