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September 15, 2011


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Some initial thoughts on the UBS situation:
Perhaps the time spent on lengthy dress code manual would have been better spent on an ethics course.
Ring fence casino banksters will be more difficult to counter. Why should banks be allowed to gamble for their own benefit with our money at risk?
Was the first thought within UBS "there goes this year's bonus"?
This lack of controls should lower the ratings, of course UBS will say they can stand the loss but they would say they wouldn't they to paraphrse Ms Keeler. How long will it take the ratings agencies to catch up, they're usually behind the curve.
Who was on the other side of this, +2B USD, multiple entities i guess?
What was the trade? Was it related to the CHF peg, so has the Swiss govt hosed a Swiss bank? It must have been something fairly exotic not to have been picked up by the in-house systems.
Finally, will UBS still be giving away goodies next week at Sibos?

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