Saturday, September 17, 2011

Article: The 2 Billion UBS Incident: 'Rogue Trader' My Ass | Matt Taibbi | Rolling Stone

The 2 Billion UBS Incident: 'Rogue Trader' My Ass | Matt Taibbi | Rolling Stone
http://www.rollingstone.com/politics/blogs/taibblog/the-2-billion-ubs-incident-rogue-trader-my-ass-20110915?print=true

But the reality is, the brains of investment bankers by nature are not wired for "client-based" thinking. This is the reason why the Glass-Steagall Act, which kept investment banks and commercial banks separate, was originally passed back in 1933: it just defies common sense to have professional gamblers in charge of stewarding commercial bank accounts.