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Instances of fraud of this nature makes you wodenr if it was the right decision by President Clinton to repeal the Glass–Steagall Act, since this act provided for the safer and more effective use of bank assets, implemented regulations for interbank controls and prevented the excessive diversion of investors’ funds into certain operations.The repulsion removed the need to avoid conflict of interest between investment bankers serving as officers of commercial banks, which allowed Mr Adoboli to work in the back office of UBS and then to trading desks, “working in an area known as Delta One, a part of the bank meant to provide clients with derivatives and other exposures to shares without risking the bank’s own money.â€I believe this Act would have made it a little harder for Mr. Adoboli with his knowledge of the commercial banking because UBs would have been mindful of his knowledge of the inner workings of the bank before offering a position in investment banking.
