Small Mistakes That Cost Millions To Fix

Published on October 2, 2019 By Chloe Draws

The Meltdown at Morgan Stanley – $11 billion

Who was responsible for the biggest trading loss in Wall Street history? History fans will remember the name of Howie Hubler, a former bond trader at Morgan Stanley. After being a little too risky with mortgages, his actions caused a net loss of almost $11 billion and directly resulted in the financial crash of 2008.

mistakes — Marieke Feenstra / Shutterstock.com

In an attempt to offset the risk, Hubler was also selling mortgages that didn’t carry as much risk. It’s safe to say it didn’t work and he caused immeasurable damage still felt today.