Tuesday, March 3, 2009

Werewolves of London

The CEO of AIG and Ben Bernanke blamed AIG's problems on the "FP division in London" - the group responsible for placing bad bets with credit default swaps. Bets that US taxpayers have made good on to the tune of $160B and counting. Warren Zevon was prescient.

He's the hairy, hairy gent, who ran amok in Kent.
Lately he's been overheard in Mayfair.
You better stay away from him, he'll rip your lungs out Jim.
Huh, I'd like to meet his tailor.

Aaahoo, werewolves of London

Extending the metaphor, is this the modern day Dr. Frankenstein?

Mark C. Brickell is the CEO and a director of Blackbird Holdings, a global trading system for privately negotiated derivatives. Widely regarded as a leader in the derivatives industry, Mr. Brickell joined Blackbird after twenty-five years at J.P. Morgan, where he most recently served as a managing director. During his time at J.P. Morgan, Mr. Brickell helped to build one of the world’s foremost derivatives businesses and supported the growth and advancement of the global derivatives industry while helping to shape a more favorable public policy environment. From 1988 to 1992, Mr. Brickell also served as chairman of the International Swaps and Derivatives Association; he was vice chairman for two years and on the board for more than a decade. He was part of the team that authored the influential 1993 Group of Thirty study, Derivatives: Practices and Principles, and has served on the board of directors of First Command since 2006.

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