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He said he and another trader, who had just 30 months of experience between them, were put in charge of a portfolio of companies with assets of $50 billion. "Our book was massive. A tiny mistake led to huge losses. We were these two kids trying to make it work," Adoboli said. He was arrested in September 2011 after UBS discovered irregularities in its records. The incident was a major blow to UBS, one of the European banks hardest hit by losses from by the U.S. subprime mortgage market. The $2.3 billion loss hurt the bank's efforts to restore its image after a Swiss government bailout and a tax evasion investigation in the United States. The trial continues.
[Associated
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