The New York Times offers an interesting take on the
disastrous trades that has cost the banks more than $3 billion in paper.
It reports that Ina Drew, the CIO who resigned to accept
accountability for the botched trades, contracted Lyme Disease in 2010, which
resulted in frequent absences at a crucial time. She had always had a firm grip
on the trading risk that her unit took on, but while she was out, an
internecine war broke out between her top deputy in London, the now infamous
Achilles Macris, and her deputies in New York.
Macris and his team were prone to outsized trades that made
the New York team nervous. Meetings during Drew's absence often devolved into
shouting matches over the trades. In the end, there was no one to push back
against the huge trades of Macris unit. After Drew returned, she seemed to have
less of an appetite for managing such deep internal divisions. In the end,
Macris won the internal war, and the results are history.
Read more: Internal politics plays role in JPMorgan trading
debacle - FierceFinance
http://www.fiercefinance.com/story/internal-politics-plays-role-jpmorgan-trading-debacle/2012-05-21
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