I watched Brian Moynihan, CEO of Bank of America, on Charlie Rose the other night. I figure he was dealt such a bad hand from previous management that there has not been any opportunity to make London Whale size bets in stupid non economic transactions. He appears to understand his advantage of scale so as not to get distracted by traders playing with themselves. Curiously from my reading of Fools Gold I thought that J P Morgan Chase had the brainpower and discipline to play with complex financial instruments, but it appears the Morgan group was over powered by the Chase side and the dummies were left in charge.
No comments:
Post a Comment