FT Alphaville " You can't stand under my umbrella... ella... ella... No clouds in my storms Let it rain, I hydroplane into fame Comin" down like the Dow Jones When the clouds come, we gone We Roc-A-Fellas We fly higher than weather Those would be lyrics from the Rhianna and Jay-Z hit "Umbrella," which we suspect could soon become the unofficial UBS corporate theme song, in homage to the secret "Umbrella" account that was allegedly run by rogue trader Kweku Adoboli on the bank's ETF desk. The account is now becoming a central part of Adoboli's defence. Charles Sherrard, Adoboli's defence barrister, made the case on Thursday that three other team members all knew about it and decided shortly before Adoboli's confession "to collectively stab him in the back, leaving him to bleed on the prison floor." Adoboli's colleague and supervisor John Hughes, who was giving testimony, denied that he used, encouraged or even at times controlled the secret account. But as the FT reported, Hughes, who at first was relaxed, looked more nervous as the day progressed: ....repeatedly stroking his tie and after being accused of selective memory and saying: "This was a large trauma. Adoboli's defence barrister then read out emails and chat messages in which Mr Hughes praised Adoboli and/or referenced the secret account. According to Adoboli's defence barrister the secret account was occasionally also referred to as "Rhianna" by traders. Very original... At least 888 was known to be lucky. Related link: Adoboli colleague denies using "umbrella" - FT This entry was posted by Izabella Kaminska on Friday, September 28th, 2012 at 9:19 and is filed under Capital markets. Tagged with etfs, Kweku Adoboli.