UBS Slapped With $47.5M Rogue Trader Fine

UBS has been fined $47.5 million for being sloppy enough to let a rogue trader lose $2.3 billion, the New York Times reports. British regulators fined the Swiss banking giant after concluding that the bank's "seriously defective" systems and controls allowed London-based trader Kweku Adoboli's losses to mount into the billions. Adoboli received a seven-year sentence last week after being found guilty on two counts of fraud. (More Kweku Adoboli stories.)