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Did affirmative action cost UBS $2.3 Billion?

Kweku Adoboli laughs at his court hearing. Photo from BBC.

A single employee has caused extreme damage to UBS right at one of the most critical moments in the Swiss bank’s history.

The UBS employee allegedly lost $2.3 Billion in bad trades and then committed fraud to cover it up. He is an immigrant from Ghana. He is only 31. He was hired by UBS eight years ago after receiving a BA in computer science. He was rapidly promoted and in all likelihood he was only given his position due to aggressive affirmative action hiring and promoting at the bank’s London offices.

The amount of money allegedly lost is almost double the amount an employee of Barings Bank lost in 1995, which caused the collapse of that bank.

Now USB is forced to announce thousands of new layoffs and their reputation is shattered. Their stock price has plummeted almost 11%.

All this for a diverse workforce.

This is not the first affirmative action mass disaster to occur. Recently the Citizens Informer newspaper published several stories just like this about unqualified affirmative action black executives who have caused great harm to American companies.