Remember that character on the Flintstones who had a little
personal rain cloud following him around all the time, no matter where he went?
What was his name? [Googles.] Bad Luck Schleprock! Yep, that's it.
Anyway, CNBC is reporting today that UBS, the beleaguered
Swiss bank, might be the Wall Street version of Bad Luck Schleprock. First, it
was hit with a $2.3 billion loss caused by a recently
bailed-out-in-the-literal-sense trader named Kweku Adoboli, whose shenanigans
forced the resignation of the bank's CEO. Then its stock price began falling,
leading to unhappy shareholders and a much-reduced bonus pool.
Now, it looks like the botched Facebook IPO — which UBS
wasn't even an underwriter on! — has caused up to $350 million in losses…..
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