The saying goes that hindsight is 20/20, but the thing that came through loud and clear from yesterday’s transparency report from UBS is that when it comes to the honey trap of the credit bull run’s complex credit businesses there really was no way to win.

UBS has once again been admirably frank, after a similarly exhaustive report about its strategic failings two years ago http://bit.ly/bVSxE4 , and the interesting part comes in the discussion of the losses stemming from the fixed income desk's collateralised debt obligation business.