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  • HR.) Exit Interview - RBS Greenwich HR Chief Aware of Distressed ABS CDOs, November 2007

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    Failure of Royal Bank of Scotland (RBS) Risk Management
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    Dave MacWilliams, HR chief at RBS Greenwich, acknowledges (1.) very positive feedback from Bruce Jin and senior management about the work of Victor Hong, (2.) Jay Levine efforts to retain Victor Hong, and (3.) that the ABS CDO Head Trader and Victor Hong both resigned in protest after senior management blocked their authority to mark to market and to price-verify, respectively. At the exit interview, Dave MacWilliams acknowledges that other banks (Morgan Stanley, UBS, Citi, Merrill) are reporting massive ABS CDO losses. Bruce Jin calls Victor Hong on November 10 2007 to agree, and to apologize for the control breaches.

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    Dave MacWilliams, HR chief at RBS Greenwich, acknowledges (1.) very positive feedback from Bruce Jin and senior management about the work of Victor Hong, (2.) Jay Levine efforts to retain Victor Hong, and (3.) that the ABS CDO Head Trader and Victor Hong both resigned in protest after senior management blocked their authority to mark to market and to price-verify, respectively. At the exit interview, Dave MacWilliams acknowledges that other banks (Morgan Stanley, UBS, Citi, Merrill) are reporting massive ABS CDO losses. Bruce Jin calls Victor Hong on November 10 2007 to agree, and to apologize for the control breaches.

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    Public Domain
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    198 visualizzazioni1 pagina

    HR.) Exit Interview - RBS Greenwich HR Chief Aware of Distressed ABS CDOs, November 2007

    Caricato da

    Failure of Royal Bank of Scotland (RBS) Risk Management
    Dave MacWilliams, HR chief at RBS Greenwich, acknowledges (1.) very positive feedback from Bruce Jin and senior management about the work of Victor Hong, (2.) Jay Levine efforts to retain Victor Hong, and (3.) that the ABS CDO Head Trader and Victor Hong both resigned in protest after senior management blocked their authority to mark to market and to price-verify, respectively. At the exit interview, Dave MacWilliams acknowledges that other banks (Morgan Stanley, UBS, Citi, Merrill) are reporting massive ABS CDO losses. Bruce Jin calls Victor Hong on November 10 2007 to agree, and to apologize for the control breaches.

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    di 1

    Subject: Exit interview

    From: victor hong

    To: Bruce.Jin@rbsgc.com;

    Date: Saturday, November 10, 2007 10:23 AM

    Dave McWilliams was most surprised, and asked if anything were possible to convince me to stay, given
    how he heard positive feedback about my efforts to protect the firm in this turbulence. He understood the
    intense senior-management debate about super-senior ABS CDOs, and recognized my commonality with
    Fred Matera, whereby Fred and I expected greater autonomy to mark and price-verify them,
    respectively. Dave also recognized that my team was under-resourced for the pressing mandates of
    my senior role, owing much to the tough revenue environment. We agreed that revenue constraints do
    not correspondingly mitigate risk.

    Dave described the situation as responsibility without authority, and reluctantly understood my choice. In
    that light, he also viewed my question about [ redacted] as fair and reasonable, promising to respond next
    week.

    Please call me anytime, regarding the other question. As always, I am available to assist you. Thanks.

    Victor Hong
    [ redacted]
    [ redacted]

    ----- Original Message ----


    From: "Jin, Bruce, RBSGC" <Bruce.Jin@rbsgc.com>
    To: victor hong
    Sent: Saturday, November 10, 2007 8:24:24 AM
    Subject: RE:

    Victor, thanks for this. I didn't get to say proper goodby to you at the office. I also wanted to
    ask you how the meeting went with Dave and also had a separate question to ask you. When is a
    good time for me to give you a call? Bruce

    -----Original Message-----
    From: victor hong
    Sent: Saturday, November 10, 2007 07:22 AM
    To: "Victor Hong"

    __________________________________________________

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