Wednesday, July 11, 2007

Wuffli's Exit Is Lesson for Banks, Hedge Funds: Matthew Lynn / Bloomberg Op-Ed piece

So, you're the head of this big diversified financial services firm, see. Now it wasn't so long ago, a few years. And you had been reading and hearing about all your competitors setting up their very own internal hedge funds. You were hearing murmurs around the boardroom, 'where are we on this?' are we missing out on something here, again? so you took the chance, after all, that's what you're getting the very big bucks for, isn't it?

But those losses... man, this has gotten rather ugly. Where are all those guys on the board going to come down on this, now? How am I going to face the clients? The shareholders? The reporters?

Alone. And someone will be held very accountable for this....


Bloomberg.com: Opinion

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