News this morning that London-based trader Kweku Adoboli allegedly managed to lose a cool $1.95 billion bucks before his bosses at investment bank UBS discovered the rogue trades is yet another faith-restoring example of the rigorous oversight of the world’s financial systems and protections put in place following the collapse of banking networks across the world.

As hordes of reporters gathered out the front of UBS, news of the scandal wiped 10% off the value of shares in UBS affecting, you guessed it, thousands of pensioners whose funds had sunk their money into UBS.

There are some lovely pieces of symmetry to this tale, as reported by The Telegraph: “The loss uncovered by the bank is almost exactly the same amount the bank was trying to save by cutting 3500 jobs from its worldwide empire.” It also comes on the three-year anniversary of the collapse of Lehmann Brothers.

UBS was, you guessed it, one of the banks bailed out at the height of the banking crisis, accepting help from the Swiss government because of its “toxic” assets in 2008. Oh, and that was the same year it was accused by the FBI of helping clients to evade tax, and agreed to pay a fine of $780 million. Which is peanuts when you consider the amount its latest rogue trader just sunk.

One of the greater understatements of The Telegraph report is this line:

“The news brings into question the role of the Financial Services Authority, which failed to spot the unauthorised trades despite regulations which require banks to monitor their employees’ trading positions on an hourly basis.”

“I need a miracle,” posted Adoboli on his Facebook page right before police swooped on a tip from his bosses that he’d lost $1.95 billion.

That, or some decent regulatory oversight.