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Both ‘cum ex’ and Enron scandals show how traders can manipulate complex financial regulations to their advantage.
Kweku Adoboli was convicted in 2011.
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One person should not bear sole responsibility for a loss of US$2.3 billion at a global financial institution employing 65,000 people.
EPA/Andy Rain
Former trader Tom Hayes has been sentenced to 14 years in prison for manipulating Libor. But what is it and why does it matter?
Guilty.
EPA/Facundo Arrizabalaga
Convicting individuals of wrongdoing is important but only a culture change in the financial sector will stop future crimes.
That’s one expensive cetacean.
wwfunitedkingdom
As long as there have been financial markets, there have been serious financial losses. But the traders of today have shown a talent for blowing billions. During the most recent round of financial misadventures…