Monday, April 21, 2008
You would have thought these guys were smart! Guess NOT!
UBS this morning detailed a catalogue of failures that contributed to a $37.4 billion (£18.8 billion) writedown, including the rushed set-up of its hedge fund business, overaggressive growth plans and a lack of risk management. Guess there will be more of the same as more and more European and Asia banks come clean....watch this space.