As the man who oversees about $20 billion of fixed-income investments at American Century Investments, we revisited with Keegan as part of today’s The Game column on the recurring foibles of Wall Street.
Deal Journal: You were right back in April. You called it all. Why does Wall Street keep messing up?
Jim Keegan: It’s too profitable to stop. It’s too profitable at the individual level, so the individuals interests are not necessarily aligned with the company’s interest. Pay me now and you pay for it later.
There is no clawback. Employees can walk away with hundreds and tens of millions of dollars. And someone else will hire them to do it again.
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The FSA stressed Britain was at the forefront of developing this market both on the high street with retail products and in the capital markets with the growth of Islamic-compliant bonds or sukuk, which are structured to pay investors profits from an underlying business rather than interest.
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The havoc on Wall Street following the collapse of the subprime-mortgage market boils down to a simple truth: for years, lots of very smart people took lots of very foolish risks, betting borrowed billions on dubious mortgage derivatives, and eventually the odds caught up with them. But behind that simple truth is a more surprising one: the financial whizzes made bad decisions in part because that’s what they were paid to do. Not literally, of course. The way that hedge-fund managers and investment-bank C.E.O.s get paid is supposed to make them perform better for the investors they serve. Hedge-fund managers, for instance, typically are paid “2 and 20”: they get two per cent of total assets as a management fee, and they keep twenty per cent of their investment gains (above some agreed-upon benchmark). Letting hedge-fund managers keep a chunk of their winnings gives them an incentive to do well for their clients: in theory, they get rich only if their clients do.
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Morning Edition, July 15, 2004 · A British street artist known as Moose creates graffiti by cleaning dirt from sidewalks and tunnels -- sometimes for money when the images are used as advertising. But some authorities call it vandalism.
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"Rothschild coaches careened down the highways; Rothschild boats set sail across the Channel; Rothschild agents were swift shadows along the streets. They carried cash, securities, letters and news. Above all, news -- the latest exclusive news to be vigorously processed at stock market and commodity bourse.
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Britain’s future: Labour candidates’s view
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Anthony - nice to see this was picked up by the observer - see: http://politics.guardian.co.uk/constitution/story/0,,2099735,00.html
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Yes, they wanted exclusive first right and I gave it them. What you can see in the paper edition but not on the web, it that they put the story at the top of the page on the right hand column. Positioning is much more than half the story in a newspaper. Its layout tells people what to read. Is it the same onthe web?
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I am agnostic on the need for a written constitution, because of the power it hands to the judges.
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so I let's have a national debate.
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"let's have a national debate" ... this seems to be a today-program, motherhood-apple-pie mantra. what is this national debate? where is it to be had? on radio4?
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see Cruddas below - getting a bit more specific on what a "national debate" might mean
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Benn's remark is rhetoric. Harmann above has thought about the need for mechanisms for ensuring public respect. The issue is a defining one. A wonderful constitution produced from Brown's inside pocket will be scorned as the gimmick of a 'Scot'. A less well worded one that emerges from a South African style process which people feel they 'own' could initiate a democratic process. What matters is not that it is written but how it is written!
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