Thursday, 11 February 2016

The FCA has fined Achilles Macris £792,900

First question: Who on earth is Achilles Macris? 'That's an erotic name, that is, boss.' Eh? You mean "exotic", Voice. 'Oh yeah, exotic, sorry. It's an exotic name.' It certainly is, my little invisible friend.

Second question: Why has the FCA taken £792,900 off the poor man?

The Financial Conduct Authority (FCA) has today fined Achilles Macris £792,900 for failing to be open and co-operative with the Authority. Mr Macris was Head of CIO International for JPMorgan Chase Bank, N.A. in London. In the role he was responsible for a number of portfolios, including the synthetic credit portfolio, at the time of what became known as the 'London Whale' trades.

Guys, you've got to be open and co-operative with AUTHORITY! Didn't they teach you anything in school?

Mr Macris was the main contact with the FCA's predecessor the Financial Services Authority (FSA) (FSA and FCA together the Authority) in relation to CIO International and as an approved person he was required to deal with the Authority in an open and cooperative way. Between 28 March 2012 and 29 April 2012 Mr Macris did not inform the Authority about concerns with the synthetic credit portfolio and as a result he failed to meet the standards expected of an approved person under Statement of Principle 4. More, than is healthy.

Well, fair enough, I suppose. Personally, I would have fined him a cool million just for that name of his.


Anything else? Not much at the moment. I'll be writing one more post later, but ... I haven't had many PR emails this week. So I don't know what I'm going to write about. / Oh, I got one email, inviting me to a conference in Edinburgh. Christ! Have a word with yourself, PR person, yeah? I ain't travelling all the way up there!

Music? I've finished rewriting the lyric of My Heart, and I'm pleased with it. Everyone can relax now. No more drama - for a while.