UBS's systems and controls were seriously defective.
As a result, Adoboli, a relatively junior trader, was allowed to take vast and risky market positions, and UBS failed to manage the risks around that properly.
We know from past experience that failures to manage risk properly can cause firms to fail and cause systemic harm.
More top news
A 10th century eye salve whose ingredients include cow bile and garlic has been found to kill up to 90% of the MRSA superbug.
British terror suspect pleads guilty in New York to charges of plotting a terrorist training camp in the US with extremist Abu Hamza.
Daily Dose, a short summary of the day's election campaign stories.