Negligence, bank talent

the stupid people running the big banks/financial institutions always say they need to remunerate in high pay/bonuses to 'retain talent'. This sounds BS now, as the 'talent' they retain miss such rogue traders' actions as the one today that UBS announced a US2bn loss on an unauthorised trade. If they are so talented to justify the high pay/bouses, how can they miss an unauthorised trade and let it run to 2 billion buckeroos of losses. Sack them, there are plenty of unemployed talent who are willing to work for less.

Meanwhile, words can move markets, the risk trade is back on today, sell gold, buy equities, sell US dollars:

"The ECB said it coordinated with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank to extend three-month loans to euro-area banks in an effort to ensure they have enough cash for the rest of the year. The announcement added to optimism that policy makers were containing the European sovereign debt crisis after the leaders of France and Germany yesterday confirmed they will support Greece’s continued participation in the shared euro currency. "