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I am confused. If this story is true, then my expectation would be that UBS
has been successful in this area. I don't think it has been. What am I
missing?
Regards
DanG
Ronald McEwan wrote:
> Bruce, good point on the Prediction Company. I was curious about why the
> would be so public about their work , so I read the book. It was very
> revealing. Wall St (mostly the big banks and Citicorp in particular) had
> turned to these guys for a way out of the big hole they had dug
> themselves into with shaky third world loans (Citicorp was sitting on a
> total bill of 300 billion dollars in third world debt losses). Their so
> called economic models were so far from reality and they were desperate
> for a new solution. Doyne Farmer was giving a lecture and was approached
> by Craig Heimark from O'Connor & Associates to come work with them.
> O'Connor & Associates, apparently were also looking for new ideas That
> was their first big break. Then UBS went on a buying spree and bought
> O'Connor & Associates (and eventually Warburg Dillon Read). Now they were
> in bed with the smartest and most successful derivative traders that
> ever lived. And they had the massive capital resources of USB behind
> them. With guys like O'Connor & Associates to hold your hand and USB to
> fund you, how can you not be successful!!!! Without this their work
> would still be collecting dust in old copies of obscure academic
> journals.
>
> Ron McEwan
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