Morgan Stanley revealed yesterday that one of its traders had incorrectly valued his positions, costing the bank $120 million. People in the know say this London-based credit derivatives trader is Matt Piper.
So, another rogue trader? Let's not be too hard on Matt. He probably made a few mistakes, but not everyone who screws up is a rogue trader. I know Matt. I met him in the desert a few years ago, and he's a good sort. He doesn't have an evil bone in his body. Let's cut the man some slack.