The official "blog of bonanza" for Alfidi Capital. The CEO, Anthony J. Alfidi, publishes periodic commentary on anything and everything related to finance. This blog does NOT give personal financial advice or offer any capital market services. This blog DOES tell the truth about business.
Thursday, September 15, 2011
UBS Not Minding The Store While Trader Wipes Out $2B
I can't resist taking a swipe at a former employer that treated me poorly. A loose cannon at UBS decided to play some unauthorized games with the firm's capital and lost $2B. I think that's just great. I'm not surprised at all given the lack of competent people there. If you're dumb enough to gamble with somebody else's money with no regard for consequences, work at UBS. If you don't know how to design risk management systems that can catch irregular trades, work at UBS. This firm touted its Dillon Read internal fund while I was there and had to fold it up a year later because the people running the fund were clueless.
Go down hard, UBS. You've had it coming for the longest time.