The New York Times chronicles a now-familiar tale of incompetence and greed that led to the (all but) destruction of another legendary global financial services firm:

Oblivious CEO (Chuck Prince)
Idiot risk manager who assured oblivious CEO that everything was great until the day it wasn’t (David Bushnell)
Inadequate risk controls, wet-noodle risk managers pushed around by big swinging dicks who made 100X as much money
Trading boss incented …

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The boss of successful US hedge fund quit the industry with a rousing farewell letter dismissing his rivals as over-privileged “idiots” and thanking “stupid” traders for making him rich.

Andrew Lahde’s $80 million Los Angeles-based firm Lahde Capital Management return 1000% last year by betting against subprime mortgages.

The 37-year-old told his clients that he had hated the business and had only been in it for the money. And after declaring he would no longer manage money for …

Flushed with the success of securing $40 billion of settlements from Merrill Lynch, UBS and Citigroup, US state regulators are about to turn the screw on banks accused of mis-selling auction rate securities (ARS).

If the almighty credit crunch wasn’t enough to obliterate bank stock prices, the recent wins in the US will.

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One year after the credit crunch began Fortune wrote an interesting article about those who saw trouble ahead and those who just ended up in trouble

- read article here

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Across the pond, a Wall Street horror story continues to make waves.

Steven Rattner, Managing Director at Credit Suisse, resigned or got fired earlier this week after having an affair with a married woman whose nutbag husband later launched a global Internet smear campaign. (The contrite Mr. Rattner, who broke no laws and violated no corporate policy, shared his story with the NYT’s Andrew Ross Sorkin.)

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