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Smell the Fear

Rbs Loses Cdo Banker

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The Times

"Royal Bank of Scotland became the latest bank to admit discomfort from the credit crunch as it parted company with the head of its once-booming collateralised debt obligations unit.

Rick Caplan, managing director and co-head of CDOs at RBS Greenwich Capital in the US, has left the bank, along with six of his colleagues.

RBS aggressively and profitably marketed CDOs - packages of sub-prime mortgages and other asset-backed securities - both originating deals and then selling them on. The sudden loss of appetite for these products and resultant collapse in business has forced RBS to trim the department from 24 people to 17.

It is not clear whether RBS has sustained losses. The trading book of its global banking and markets division was worth £16 billion at the half-year, although CDO trading was a small part of this total. "

And I thought a few of you would enjoy this:

"Mr Caplan was previously at Citigroup, where he was co-head of credit derivatives and once advised Enron on some of its financial structures. He appeared before a US Senate committee investigating the ensuing scandal."

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To lose one CDO banker, amy seem an accident,

but a whole team: suggests carelessness

they dropped a rather large shoe by all accounts, and their main clients were hedge funds.

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