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Last year, UBS revealed a $2.3 billion loss related to illegal activity by a trader that led to the resignation of the firm's former chief executive, Oswald Grübel.
But until Britons' historic urge to sell to the world is revived, the island remains a trader that did its best business in the past: well connected and with a few profitable lines, but trading at a loss.
Even as Allfirst began to uncover his losses earlier this year, Mr. Rusnak told a trader that Lehman invited him back to the Super Bowl, though Lehman denies it.
"It would be wise not to hire a trader that used to be a... back office employee," he says.
Rather than building dense training manuals stocked with legalese, one lawyer at a major firm was told to "think like a trader," that is, translate the rules to plain English.
Meanwhile, Mr Read was said to have told a trader that Mr Goodman was "ok with an annual champagne shipment, a few p*** ups... and a small bonus every now and then".
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Minority shareholders were deeply concerned that Glencore, a commodity trader that owns a 35% stake, sold Xstrata a coalmine for $2 billion to meet its part of the cash call.
Thing Two: UBS Gets Bill For Rogue Trader: Britain's top bank regulator, the Financial Services Authority, has hit Swiss bank UBS with a $47.6 million fine over its failure to get a grip on a "rogue" trader that lost more than $2 billion last year.
In the eyes of Nick Maounis, a bond trader, that made it a good name for the hedge fund he set up in 2000.
He is also paid £60,000 a year to work one and a half days a month as a consultant to Vitol, an oil trader that has loaned billions to Russian state oil company Rosneft.
An old-line gas pipeline company had been transformed into a brilliant trader that could apply its magic around the world.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com