Appreciate the link to the report, it was great to read an in-depth analysis that went into the mechanics of how things went horribly wrong. If you want to skim some highlights you can CRTL+F “Notably” I always appreciate how you can see face-palming come through in writing. A similar scenario had happened to exactly the same people with the Malachite Fund, there were lessons learned, committee meetings were held, and then the same thing happened again.
“Notably, the CRM analyst for Malachite was also the CRM analyst for Archegos. His senior chain of reporting was also the same for Malachite as for Archegos.” (#95)
If anyone enjoyed or found this interesting, I would recommend When Genius Failed The Rise and Fall of Long-Term Capital Management (link to NY Times review) about LTCM almost crashing most major US banks due to being over ledged when the Asian/Russian financial crisis happened in the late 1990s.
Appreciate the link to the report, it was great to read an in-depth analysis that went into the mechanics of how things went horribly wrong. If you want to skim some highlights you can CRTL+F “Notably” I always appreciate how you can see face-palming come through in writing. A similar scenario had happened to exactly the same people with the Malachite Fund, there were lessons learned, committee meetings were held, and then the same thing happened again.
“Notably, the CRM analyst for Malachite was also the CRM analyst for Archegos. His senior chain of
reporting was also the same for Malachite as for Archegos.” (#95)
If anyone enjoyed or found this interesting, I would recommend When Genius Failed
The Rise and Fall of Long-Term Capital Management (link to NY Times review) about LTCM almost crashing most major US banks due to being over ledged when the Asian/Russian financial crisis happened in the late 1990s.