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That is exactly the sort of top-down control financial firms now say they want. Citigroup CEO Vikram Pandit vows to be a "hands-on participant" in risk management. In August, UBS chairman Peter Kurer broke the firm into three separate units partly because the old structure, he said, encouraged "the blurring of the true risk-reward profile of individual businesses." In July, the Institute of International Finance, which counts large banks and insurance companies among its members, put out a 174-page report detailing best practices in the wake of the financial crisis. Among them: developing a corporate culture...
Sage advice, that. But for how long will it be followed? "Risk gets forgotten in all bubbles," says Peter Bernstein, an investment adviser and the author of Against the Gods: The Remarkable Story of Risk. "We've been down this particular road before." Indeed, we have. After every other trauma--the 1987 stock-market crash, the savings-and-loan crisis, the meltdown of the Long-Term Capital Management hedge fund--boisterous, unchecked risk-taking eventually rushed back in. "In times like this, people do listen to risk managers," says John Hull, professor of derivatives and risk management at the University...
...half-truths, character assassination and, yes, plain miserable, rotten lies--I would give McCain the prize. It is obvious that he has veered hopelessly away from ethical conduct and is no longer the man he claims to be. There is no real relative equality in his departure from civility. Peter A. Johnson, SUPERIOR...
...hope this letter finds you well. We wanted to take this time to thank all the wonderful people who helped us last week. It was a very bittersweet week, but now we understand why Peter referred to Harvard and Adams House as his home, because we too felt at home here with everyone...
...Staff writer Peter F. Zhu can be reached pzhu@fas.harvard.edu...