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That dynamic changes should she share the hot-seat with someone else. If something goes wrong, there’s always a reason it wasn’t ''her'' fault. Her hands were tied; it was not her area; others were looking at it. | That dynamic changes should she share the hot-seat with someone else. If something goes wrong, there’s always a reason it wasn’t ''her'' fault. Her hands were tied; it was not her area; others were looking at it. | ||
The greatest, most glaring example of this is at our old friends Credit Suisse, who found to their cost what [[Archegos|happens when you have co-heads of prime services]]. For those without the stomach for a deep foray into [[hedge fund]] financing, you need know only this: prime brokerage generally splits into ''physical'' and ''synthetic'' components which are | The greatest, most glaring example of this is at our old friends Credit Suisse, who found to their cost what [[Archegos|happens when you have co-heads of prime services]]. For those without the stomach for a deep foray into [[hedge fund]] financing, you need know only this: prime brokerage generally splits into ''physical'' and ''synthetic'' components which are [[Form|formally]] quite different but [[Substance|substantively]] the same; Europe and New York are major centres for prime services businesses. Now at the time [[Archegos|a certain hedge fund]] blew up, trading ''synthetic'' products in the Americas, causing Credit Suisse roughly $5 billion in losses, the firm had co-heads of that business: one in the US and one in Europe. These men were duly summoned before the executive board to explain themselves. The American explained that ''he'' was responsible only for ''physical'' prime services, so this was not on his patch. The one European said ''he'' was only responsible for ''European'' prime brokerage, so it wasn’t on ''his'' patch, either. | ||
===All credit, no responsibility=== | ===All credit, no responsibility=== | ||