Oh, not again! Not more fining and banning! What is it with these FSA freaks? Why are they always fining and banning people? They're obsessed! It's Sandradee Joseph's turn now. She was the compliance officer at Dynamic Decisions Capital Management, a hedge fund management company based in London (and Milan, we mustn't forget Milan).
'In the wake of the collapse of Lehman Brothers, the investment strategy adopted by DDCM for the fund it managed resulted in losses totalling approximately 85% of the fund's total assets under management. To conceal the losses, in late 2008, a senior employee at DDCM entered into a number of contracts, on behalf of investment funds managed by DDCM, for the purchase and resale of a bond (the Bond). Various investors raised concerns that the Bond was of doubtful provenance and legitimacy, and DDCM's Prime Broker resigned as a result of its concerns. Joseph failed to consider the reasons for the Prime Broker resigning and despite being aware of the investors' concerns about the Bond she failed to properly investigate those concerns or act upon the information.' More, than is healthy.
My God! Was she supposed to have eyes in the back of her head? How was she supposed to know what the goddamn prime broker was getting up to? And did she really have the time to investigate stuff or act upon information? Life's too short for that shit, surely? Investors? Don't get me started on investors. They're always concerned about something, aren't they? They're a bloody nuisance, if you ask me.
Music update:
It's like shooting fish in a barrel, this songwriting lark. I came up with a new piece of music yesterday. It's not finished yet, but I'm feeling very positive about it. It's more melodic than Gilly Marie. I need a bridge and some lyrics now.
I have to say that my pride is starting to kick in a bit, and this is becoming about more than just making money. I've set myself a target. (Yes, I like targets.) I want to write fifty pop songs within the next ten years. And: no album tracks. Hits or nothing! Death or glory! Eh? No! Hits or nothing! For fuck's sake, it's not a matter of life and death. This blog is a matter of life and death.
Anyway, no more updates!
'In the wake of the collapse of Lehman Brothers, the investment strategy adopted by DDCM for the fund it managed resulted in losses totalling approximately 85% of the fund's total assets under management. To conceal the losses, in late 2008, a senior employee at DDCM entered into a number of contracts, on behalf of investment funds managed by DDCM, for the purchase and resale of a bond (the Bond). Various investors raised concerns that the Bond was of doubtful provenance and legitimacy, and DDCM's Prime Broker resigned as a result of its concerns. Joseph failed to consider the reasons for the Prime Broker resigning and despite being aware of the investors' concerns about the Bond she failed to properly investigate those concerns or act upon the information.' More, than is healthy.
My God! Was she supposed to have eyes in the back of her head? How was she supposed to know what the goddamn prime broker was getting up to? And did she really have the time to investigate stuff or act upon information? Life's too short for that shit, surely? Investors? Don't get me started on investors. They're always concerned about something, aren't they? They're a bloody nuisance, if you ask me.
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Music update:
It's like shooting fish in a barrel, this songwriting lark. I came up with a new piece of music yesterday. It's not finished yet, but I'm feeling very positive about it. It's more melodic than Gilly Marie. I need a bridge and some lyrics now.
I have to say that my pride is starting to kick in a bit, and this is becoming about more than just making money. I've set myself a target. (Yes, I like targets.) I want to write fifty pop songs within the next ten years. And: no album tracks. Hits or nothing! Death or glory! Eh? No! Hits or nothing! For fuck's sake, it's not a matter of life and death. This blog is a matter of life and death.
Anyway, no more updates!
