Kid's Feed
Sep 19, 2011
via Felix Salmon

I strenuously disagree with UBS CEO Oswald Gruebel

This post was originally published at Kid Dynamite’s World.

There are a lot of people out there who deride Wall Street as a bunch of loose canons gambling with other people’s money. Others think that Wall Street traders are dangerous psychopaths, where any one maniacal gunslinger can take insane risks and blow up the global financial system. As I’ve written numerous times: in all of my experience, this has not been the case. Now, however, we have the CEO of a major investment bank basically confirming those views. UBS CEO Oswald Gruebel was quoted today, in the wake of his firm’s $ 2.3B loss in a “rogue trader” scandal:

Speaking for the first time since UBS revealed the loss, Gruebel told the Swiss weekly Der Sonntag that the loss couldn’t have been prevented.

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      "Kid Dynamite spent 8 years as a trader at a major Wall Street investment bank. From June 1999 thru April 2005 he specialized in portfolio trading, and from May 2005 thru November 2007 he was the head trader for an internal hedge fund on the buy side of the same firm where he managed a multi-billion dollar merger arbitrage portfolio, and continued to implement portfolio trading related strategies as well. Now Kid Dynamite has moved to the woods of New Hampshire to make maple syrup, tend to his garden, and raise chickens."
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