heads up the london credit trading team ( commercial and noncommercial ) are currently
investigating some transactions in the houston debt trading book that are
inappropriately marked ( in fact one is a complex trade that appears to be
' accrual accounted for ' since april ) . bryan seyfried is in houston and is
keen to understand the facts of any potential ' process failure ' - we are
liaising with him .
the potential write off is , i understand , of the order of $ 5 mm , but i am keen
to understand the control issues around any ' process failure '
clearly we need to determine the facts but i thought you should know about
some noise out there !
will revert later tomorrow
mike
heads up
the london credit trading team ( commercial and noncommercial ) are currently
investigating some transactions in the houston debt trading book that are
inappropriately marked ( in fact one is a complex trade that appears to be
' accrual accounted for ' since april ) . bryan seyfried is in houston and is
keen to understand the facts of any potential ' process failure ' - we are
liaising with him .
the potential write off is , i understand , of the order of $ 5 mm , but i am keen
to understand the control issues around any ' process failure '
clearly we need to determine the facts but i thought you should know about
some noise out there !
will revert later tomorrow
mike