Volcker Rule Might Make Losing Money Illegal

This is the saddest story I have ever heard:

Banking is a tough business, but I must say that it looks like gratuitous cruelty for Blackstone to send its banks a multi-billion-dollar competitive bid for a block trade on Mother's Day. Did they not want to sell the shares on Saturday? Come on. But that's the nature of the business: You do whatever you have to to make a buck, even if it means abandoning your mother mid-brunch. What makes this particular story so sad is that the banks may have lost 90 million bucks between them: The block was hung, and the stock price dropped below the deal price before the banks could sell out of their positions. You could have saved your desk $30 million by just not checking e-mail at brunch. I hope there's a banker at Goldman Sachs or JPMorgan who did, and who will demand credit for that $30 million in his bonus.