Yesterday’s announcement by UBS of the discovery of a “rogue trade” reported to have cost US$2 billion has once again put the Banks under the spotlight.
It is incomprehensible that despite all the evidence to the contrary the Banks still behave with a staggering arrogance towards their Shareholders (in the case of some UK institutions the Tax Payer) and their Customers alike.
The level of incompetence demonstrated by these self styled “Masters of the Universe” is almost unbelievable. Small wonder that we find ourselves once again staring into the abyss when the calibre of these Bankers is so poor.
The basic problem comes down to an extremely poor level of Management expertise and control.
Before this latest black hole was discovered at UBS you can be assured that the trader responsible for this latest flame out was being lauded and applauded and the only calculations which were being scrutinised by the Bank’s management was the size of their forthcoming bonus payments.
It is one of the great ironies that is that despite all the evidence of their incompetence and sheer recklessness we once again find ourselves in thrall to the very architects of the disaster – the Bankers
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