The American Bear


[Markets] do seize up. Here’s the thing, though. A UBS trader is now in jail for losing a few billion dollars. That’s probably reasonable. In Lehman’s case, no one went to jail, and Dick Fuld is a multi-millionaire, even though the losses run into the trillions. Moral of the story: Make sure your losses are authorized. Authorized Losses – The Lehman Lesson UBS’s Rogue Trader Missed | Matt Stoller