lessons learned

So many lessons to be learned from Amaranth. Hubris for one. Risk management for another. Sticking to your strategy…the list goes on and on. Brian Hunter, the rogue trader du jour, was left to basically do whatever he wanted as far as taking on huge illiquid positions. The investment/risk committee felt comfortable with what he was doing. Given the volatility of the natty gas market and his prior experiences with Deutsche Bank, who in their right mind could feel comfortable?