Today in the Wall Street Journal was a nice article on how the brokers at UBS, formerly what I called the HOUSE OF PAIN, (Paine Webber) blew up a hedge fund that they ran in-house.
It might wind up costing them around $300,000,000. In the adjoining UBS ad they tell readers what a great job they do in investment management. I guess risk control doesn't start at home. It must start with the clients. Beware the brokers folks. They want to separate you from your money as painlessly as possible and without you knowing it. Just ask any broker who just left the business. Or anyone steered into an annuity at a bank.
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