risk

  • News

    Tim Geithner Was Risk Averse Before He Was Treasury Secretary

    This and other conclusions were reached by a not-so-top-secret report commissioned by his successor at the New York Fed. Other conclusions: the regulator could stand to start speaking up, having useful ideas, not being afraid of Goldman Sachs.

    / Sep 30, 2014 at 10:00 AM
  • News

    JPMorgan Expanding Risk Team After You Know Who Ruined Things For The Whole Class

    J.P. Morgan has added at least five new employees over the past month to the risk department in its Chief Investment Office, the unit responsible for trading losses that may have climbed to $9 billion, according to people familiar with the matter. The bank is expanding the risk unit as it responds to the trading […]

    / Jun 28, 2012 at 1:09 PM
  • News

    JPMorgan Risk Committee Directors Big On Life Experience, Wall Street Experience Less So

    The three directors who oversee risk at JPMorgan Chase include a museum head who sat on American International Group Inc.’s governance committee in 2008, the grandson of a billionaire and the chief executive officer of a company that makes flight controls and work boots. What the risk committee of the biggest U.S. lender lacks, and […]

    / May 25, 2012 at 10:45 AM
  • News

    New JPMorgan CIO Doesn’t Get Out Of Bed For Less Than A Great Depression-Level Financial Catastrophe

    Earlier today, it was announced that Matt Zames had been named JPMorgan’s new Chief Investment Officer, to replace Ina Drew, the woman who supervised the trader responsible for the firm’s whale of a loss and was dismissed over the weekend. Previously, Zames served as the firm’s head of fixed income and while he may be happy to be seen by senior management as a guy capable of putting out at a fire, based on his experience, is probably at least a little bit underwhelmed by the task.

    From Kate Kelly’s Street Fighters:

    Matt Zames had been down this road before. He had started his career at Long-Term Capital Management in the winter of 1994, shortly after college. There he witnessed firsthand what could happen when a bunch of shortsighted executives didn’t manage their risk properly…By the time he reached the sixth floor it was after midnight. His team was huddled with a group of Bear managers in one of the conference rooms. Zames had one question for the Bear team: How much cash and collateral did it have on hand?…Zames shook his head. “This isn’t going to be necessary,” he told them. “This whole thing is fucked.”

    Guy had a front-row seat for LTCM and Bear’s implosion and now he’s being asked to do what, exactly? Clean up a minor mess at a *solvent* bank? It’s almost a little insulting, actually. Call him when you’ve got SOMETHING REAL.

    JPMorgan Says Ina Drew to Retire, Replaced by Zames as CIO [Bloomberg]

    / May 14, 2012 at 12:25 PM
  • News

    JPMorgan Chief Risk Officer: “I want to reiterate the critical role that we play at J.P. Morgan Chase”

    In case that was unclear. Also, no more “surprises” like you know what again, please.

    / May 11, 2012 at 2:59 PM
  • Banks, News

    Markets Are Telling Us That Too Big To Fail Is All Better

    Oh am I a sucker for this sort of thing: This paper proposes a theoretically sound and easy-to-implement way to measure the systemic risk of financial institutions using publicly available accounting and stock market data. The measure models credit risk of banks as a put option on bank assets, a tradition that originated with Merton […]

    / May 7, 2012 at 5:47 PM
  • News

    Nassim Taleb To Unload Infinite Wisdom On G-20

    Though his schedule is extremely packed, Nassim Taleb, who knows everything there is to know about risk while Ben Bernanke knows nothing, has agreed to co-author a paper with the IMF’s Monetary and Capital Markets department “for the G-20 to develop ways to apply his method for identifying tail risks, or the chances of low […]

    / Jul 14, 2011 at 3:21 PM
  • News

    Nassim Taleb: Ben Bernanke Doesn’t Understand Risk

    “Did Ben Bernanke see the crisis?” Nassim Taleb asked on Bloomberg TV today. “No,” Taleb answered himself, “He was flying the plane and he crashed the plane…[Bernanke] reminds me of the LTCM people. They had brilliant people with great academic records and they blew up the fund and almost blew up Wall Street…Bernanke is someone […]

    / Nov 12, 2010 at 10:49 AM
  • News

    Laid Off Wall Streeter Dreams Up Innovation Sure To Rock Your World

    The scene: You’re at your desk buying, selling, sending asinine IMs to your colleagues and just generally kicking ass and taking names when you get an itch. A stirring, down in your plums. You need to stick your tongue in something sweet or there’s a good chance you might die. You need a cupcake, ASAP. […]

    / Jul 8, 2010 at 2:41 PM

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