Functionality Mistakes Throughout History That Were Way Too Expensive to Fix

Howie Hubler became infamous overnight after causing a $9 billion loss for Morgan Stanley in 2007. Once Morgan Stanley’s star, by 2006, Hubler’s team contributed over 20% to the company’s profits, highlighting his meteoric rise.

As 2007 unfolded, Hubler’s fortunes dramatically shifted with the housing market’s crash. Believing in his strategy of selling mortgage-backed CDOs and hedging with credit default swaps, he miscalculated. His decisions disastrously led to a staggering $9 billion loss for Morgan Stanley.