Many of the fresh graduate always wants to join this field. The industry itself is a zero sum game somebody makes money the other looses.
Remember UBS trader Kweku Adoboli — the rogue trader who lost UBS $2 billion this year?
How could you forget. http://wp.me/pc3rd-dd
Adoboli, who is currently awaiting trial in London, was arrested in September for his fraudulent actions.
Of course, he isn’t the first, and he probably won’t be the last rogue trader in history.
There are rogue trading cases that span the globe, and though the traders’ nationality and culture differed, there were parallels between their stories. Here are a few points:
1. Rogue traders feel themselves to be outsiders.
2. Rogue traders are charismatic.
3. Rogue traders are clever.
4. Rogue traders have worked in the middle and back offices before.
Source: How to Be a Rogue Trader
“Just as rogue traders want to be successful traders, rogue banks want to be Goldman. These kind of blow-ups, in other words, are a natural byproduct of precisely the ambition which is so highly valued on Wall Street. And as a result, they’ll never go away “