Howard Hubler III, known as Howie Hubler, is an American former Morgan Stanley bond trader who is best known for his role in the fifth largest trading loss in history. He made a successful short trade in risky subprime mortgages in the U.S., but to fund his trade he sold insurance on AAA-rated mortgage-backed collateralized debt obligations that market analysts considered less risky, but also turned out to be worthless, resulting in a massive net loss on his trades.[1][2] His actions while handling credit default swaps (CDS) directly resulted in the loss of roughly US$9 billion during the 2007–08 financial crisis—the largest single trading loss in Wall Street history when adjusted for inflation, and the largest at the time.[3][4][5] The only bigger single losses in nominal terms came in in 2012 with Bruno Iksil (also trading credit default swaps) and in 2021 when Bill Hwang lost around $10 billion on total return swaps.
^Hagan, Joe (2008-04-27). "Only the Men Survive – The Crash of Zoe Cruz". New York. New York Media. Archived from the original on 2015-04-06. Retrieved 2015-10-18.
^Abelson, Max (2010-03-24). "Howie Hubler of New Jersey: The Return of a Subprime Villain". The New York Observer. Archived from the original on 2015-01-03. Retrieved 2015-10-18.
^Springer, Kate (2012-05-11). "Top 10 Biggest Trading Losses in History". Time. Time Inc. Archived from the original on 2015-02-14. Retrieved 2015-10-18.
^Luccchetti, Aaron; Timiraos, Nick (2010-09-13). "After $9 Billion Loss, Trader Revives Career". Wall Street Journal. News Corporation. Archived from the original on 2015-01-14. Retrieved 2015-10-18.
^"Masters of Fraud Series: Howard Hubler | Financial Careers". financialcareeroptions.com. Archived from the original on 2017-11-17.
Howard Hubler III, known as HowieHubler, is an American former Morgan Stanley bond trader who is best known for his role in the fifth largest trading...
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