In mid-January 2002, UBS Warburg announced that it was buying the Enron trading business, though it wasn’t exactly paying top dollar. In fact, UBS didn’t pay anything at all for the 650 Enron traders. It simply gave Enron the right to a portion of the traders’ profits—one third for the first five years—while assuming none of Enron’s past, present, or future liabilities. Greg Whalley resigned his post at Enron to join UBS.
