Making Molehills Out Of Mountains

‘UBS’s rogue trader loses 2 billion dollars’, say the headlines. The rogue trader has been arrested, UBS has made appropriately contrite noises about risk management and internal controls and the world’s financial press is treating the whole thing like an unfortunate accident. Somewhat like an air crash—it shouldn’t have happened, shows problems in training and safety systems and so on but what the hell

This article was originally published on September 19, 2011.