Sunday, June 27, 2010

Jerome Kerviel again

FT.com / Companies / Banks - Kerviel team ‘frequently’ broke limits: "There was no risk-reporting system for traders on the Delta One trading desk when he joined the team in 2007, and implementing regular reporting “was not a priority”, Mr Cordelle said. One of his priorities included recruiting staff for the rapidly expanding desk"

Yep, this is what you do - take on more risk makers and don't hire risk managers. It'll work every time.

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