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In the financial press you’re called a “rogue trader” if you’re some overperspired 28 year-old newbie who bypasses internal audits and quality control to make a disastrous trade that could sink the company. But if you’re a well-groomed 60 year-old CEO who uses his authority to ignore quality control and internal audits in order to make disastrous trades that could sink the company, you get a bailout, a bonus, and heroic treatment in an Andrew Ross Sorkin book.
— Matt Taibbi, with another great piece on the financial crisis. This time it’s about the ‘rogue trader’ at UBS, who cost them 2 billion dollars.
Ramkumar Shankar