UBS explain how they screwed up

UBS published their shareholder report detailing how they got shafted so badly with mortgage bonds. Seems to be a pretty honest appraisal.

Download the report here (pdf link on right side of page)

The higlights:
-- 66% of losses from CDO warehousing
-- 16% of losses from trading by Dillon Read (UBS-owned hedge fund)
-- 10% of losses from cash-collateral trading