The $2 Billion UBS Incident: 'Rogue Trader' My Ass

Rolling Stone by Matt Taibbi | Sep. 15, 2011 (Investigative Report)

There is much hand-wringing in the financial press today as the UBS incident has reminded the whole world that all of the banks were almost certainly lying their asses off over the last three years, when they all pledged to pull back from risky prop trading. Full Story »

Posted by Tanya J. Maurer

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Bob Herrschaft
4.1
 by Bob Herrschaft - Sep. 17, 2011

Matt Taibbi cuts through the BS of the "UBS incident"

They’re not “rogue” for the simple reason that making insanely irresponsible decisions with other peoples’ money is exactly the job description of a lot of people on Wall Street. Hell, they don’t call these guys “rogue traders” when they make a billion dollars gambling.

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