Tuesday, Feb 24, 2009
An insider's story on banking culture
Times Online: How the lust for money powers the City
Not strictyly about housing, but the mentality behind the boom -- " I once tried to block a large derivative deal because the maths didn’t make sense. It just wasn’t going to make enough profit to justify the 30 years of credit risk it was going to leave on the balance sheet. But the head salesman, who was behind the trade, would be paid his bonus in one year, not 30. Needless to say, he disagreed with my analysis. "
Posted by lukeskywalker @ 12:44 PM (265 views) Add Comment
1 Comment
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1. 51ck-6-51x said...
sounds about right - except the sub-title of "A former trader lifts the lid on how greed eclipses prudence" is incorrect, this guy was obviously in risk management, not trading.