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Posts Tagged ‘Drew’

A New Trump?

Posted by hkarner - 17. September 2017

Elizabeth Drew is a regular contributor to The New York Review of Books and the author, most recently, of Washington Journal: Reporting Watergate and Richard Nixon’s Downfall.

White House infighting may be quieter since John Kelly took over as Chief of Staff and imposed more order in the West Wing. But, so long as Trump is president, orderliness will not be the administration’s chief characteristic.

WASHINGTON, DC – It’s generally agreed in Washington, DC, that President Donald Trump’s presidency is entering a new phase. Defining just what that phase is, is proving to be problematic.

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Why Bannon Had to Go

Posted by hkarner - 22. August 2017

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The Noose Tightens

Posted by hkarner - 5. August 2017

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The Russian-Roulette Presidency

Posted by hkarner - 22. Juni 2017

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The White House Crack-Up

Posted by hkarner - 19. Mai 2017

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Will Trump Get Trumped?

Posted by hkarner - 14. Dezember 2016

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Discord at Key JPMorgan Unit Is Faulted in Loss

Posted by hkarner - 21. Mai 2012

The New York Times

 


May 19, 2012

Ever since JPMorgan Chase disclosed a multibillion-dollar trading loss this month, the central mystery has been how a bank known for its skill at risk management could err so badly.

As early as 2010, the senior banker who has been blamed for the debacle, Ina Drew (picture), began to lose her grip on the bank’s chief investment office, according to current and former traders. She had guided the bank through some of the most rugged moments of the 2008 financial crisis, earning the trust of Jamie Dimon, JPMorgan’s chief executive, in the process.

But after contracting Lyme disease in 2010, she was frequently out of the office for a critical period, when her unit was making riskier bets, and her absences allowed long-simmering internal divisions and clashing egos to come to the fore, the traders said.

The morning conference calls Ms. Drew had presided over devolved into shouting matches between her deputies in New York and London, the traders said. That discord in 2010 and 2011 contributed to the chief investment office’s losing trades in 2012, the current and former bankers said.

“The strife distracted everyone because no one could push back,” said one current trader in the office who insisted on anonymity because of the nature of the issue. “I think everything spiraled because of the personality issues.Den Rest des Beitrags lesen »

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