

The Type Of Arrogance That Cost JP Morgan $7 Billion - NickGweezy
http://www.gweezycapital.com/the-type-of-arrogance-that-cost-jp-morgan-7-b

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jwoah12
> _It makes you wonder how these people get hired._

They must have forgotten to ask "Will you eventually lose our company billions
of dollars in a bad derivatives trade?" in their interview process. It's easy
to place blame on hiring someone after something like this happens, but would
you have made the same criticism before the trade, when he had made the
company lots of money? Interviews are imperfect. People change after you hire
them. Etc etc.

Edit: clarification

~~~
beagle3
From [http://www.bloomberg.com/news/2012-05-21/jpmorgan-cio-
risk-c...](http://www.bloomberg.com/news/2012-05-21/jpmorgan-cio-risk-chief-
said-to-have-trading-loss-history.html) : """ Irvin Goldman, who oversaw risk
in the JPMorgan Chase & Co. unit that suffered more than $2 billion in trading
losses, was fired by another Wall Street firm in 2007 for money-losing bets
that prompted a regulatory sanction at the firm, Cantor Fitzgerald LP, three
people with direct knowledge of the matter said. """

Apparently, this guy had a history, no change was needed.

~~~
NickGweezy
THAT is disturbing. They hired this guy after a horrible history of trading.
It's nepotism.

~~~
camz
lol.. you must've never worked with or for a fund. they're called black bags
for a reason.

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NickGweezy
Very true. But I have also heard that there are no women on that options
trading team. Furthermore, you NEVER make a bet without hedging it. This was a
foolish trade that stemmed from a feeling of omnipotence.

