More food-related musings
Custard: go figure
The guys at bondvigilantes (M&G’s bond team) compare quantitative easing to walking on custard. Go figure.
You will take your holiday
Jérôme Kerviel: well known workaholic
Enforced holidays are not unusual in the current climate as companies seek to cut costs by encouarging staff to take extra holiday for little or no pay.
But the chief investment officer of an asset management firm visiting the FT revealed his enforced holiday, coming up soon, was due to a policy put in place to guard against rogue traders. It was instigated in response to Société Générale’s €4.9bn trading loss at the hands of trader Jérôme Kerviel, revealed in January 2008.
Mr Kerviel did not go on holiday much, apparently, having had four days off in the eight months before the problems were discovered. He was asked to take a break in December 2007 but declined to do so. He had to be at work to maintain his deception about the large trades he was making. Failing to demand he take time off was seen in retrospect as a mistake.
The FT reported at the time that most investment banks require traders to take at least two consecutive weeks’ holiday a year, which limits the scope for concealing their positions.
Asset managers have followed their lead, it seems, with this group, Baring Asset Management, imposing a minimum eight day break. Workaholics are not allowed to indulge their addiction.
How common is such a policy in the asset management world I wonder?
FTfm is no longer updated but it remains open as an archive.
FTfm's specialist writing team offer their insights into the global fund management industry.
Pauline Skypala has been editor of FTfm for four years having previously been deputy personal finance editor. She joined the FT in 1999 and has been writing on savings and investment issues throughout her career.
Steve Johnson, FTfm deputy editor, has been a journalist for 17 years, 10 of which have been with the FT.
Sophia Grene, reporter on FTfm, has been a financial journalist in print and online for 12 years.
Ruth Sullivan has worked as a financial/business journalist and foreign correspondent and for the past 10 years has been at the FT.
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