The Devil’s Derivatives – The Untold Story of the Slick Traders and Hapless Regulators Who Almost Blew Up Wall Street . . .and are ready to do it again : [PDF Download]

PDF Title:The Devil’s Derivatives
Author:Nicholas Dunbar
Language:English
Publisher:Harvard Business Review Press
Format:PDF
Total Page:272 Pages
PDF Size:1.44 MB
PDF Link:Read and Download

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“What happens when default swaps get thrown into the mix? It might become public information that UBS had lent money to Telenor. But if UBS had hedged its exposure with J.P. Morgan, the real lender in terms of getting paid for taking credit risk was now J.P. Morgan . . . or perhaps an undisclosed third party that had taken the other side of the trade.

With confidential default swaps, important information about borrower lender relationships was now being obscured. Equally significant was how default swaps allowed parties without any existing exposure to a borrower to benefit from its bankruptcy.

It was analogous to having a stranger take out an insurance policy on your life without your knowledge. Around the corner from London’s Liverpool Street railway station, Winters had a formidable competitor in Deutsche Bank.

Under a former Salomon Brothers trader, Ron Tanemura, the firm had mastered the same kind of default swaps that J.P. Morgan clients raved about. In December 2000, Tanemura quit and the German bank turned to two ambitious Indian-born bankers, head of global markets Anshu Jain and his new head of credit derivatives, Rajeev Misra.

The bank had some built-in advantages in Europe: it dominated trading in euro currency-denominated bonds and derivatives, and it possessed a sales infrastructure on the continent that wa even better than what J.P. Morgan had. The two Indians hatched a plan to eat J.P. Morgan’s lunch and snatch the precious industry awards that Bill Winters coveted.”

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