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Verdict on Dillon Read: guilty of GBH, acquitted of murder

Failings in risk management models, ill-conceived bonus payments, the perils of cheap intra-bank liquidity and a headlong rush to build a CDO business: the catalogue of errors UBS owned up to this week is a manual of how not to run a bank. It also confirms that the losses at Dillon Read Capital Management were only a small part of the problem — the investment bank itself was responsible for most of the losses.

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