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===The broker that didn’t bark in the night-time=== | ===The broker that didn’t bark in the night-time=== | ||
{{Quote|KING LEAR: Now, our joy, | {{Quote| | ||
KING LEAR: Now, our joy, | |||
Although the last, not least; to whose young leverage <br> | Although the last, not least; to whose young leverage <br> | ||
Thine holdings in thinly traffick’d names, rich in outrageous voguery, dry of <br> | Thine holdings in thinly traffick’d names, rich in outrageous voguery, dry of <br> | ||
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{{quote|“Need to understand purpose of having daily termination rights and ability to cause margin [with] 3-days notice on swap if client is not amenable to us using those rights.”}} | {{quote|“Need to understand purpose of having daily termination rights and ability to cause margin [with] 3-days notice on swap if client is not amenable to us using those rights.”}} | ||
I mean, out of the mouths of babes. There was quite a bit of human wreckage at CS in the aftermath, but you really hope the author of that email wasn’t part of it. | I mean, out of the mouths of babes. There was quite a bit of human wreckage at CS in the aftermath, but you really hope the author of that email wasn’t part of it. But the wider point is this: when all is plain sailing, you can, if you wish, operate a complex business through the agency of cheap staff in remote locations with an instruction manual, which you hope has been suitably translated into Bulgarian. But the thing about complex businesses navigating open water is that ocean weather can quickly change, and a quiet potter around the heads can turn into a Fastnet tempest, and then your Bratislavan school-leavers are going to be hopelessly out of their depth. Relying on rigid application of [[playbook]], [[policy]], [[Process|processes]], [[system]], [[algorithm]] or work-to-rules especially when, as it happens, your senior management are disinclined to enforce them properly anyway, is no way to survive a hurricane. | ||
===People’s front of Judea=== | ===People’s front of Judea=== | ||
Compare and contrast: | Compare and contrast: | ||