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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