Nah, it was much worse.

Some people have questioned the “proclivity of UBS for getting involved in fiascos in which the bank believed it was taking relatively little risk but ended up losing large amounts of money” and a risk management policy that (really!) consisted of “still don’t lose any money, but do more.”

You might feel justified in those doubts about UBS risk management after reading (1) that stuff about the guy who lost all the moneys and (2) this:
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