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J.P. Morgan 'Whale' Swam in Choppy Waters
“伦敦鲸”是如何游进急流漩涡的?
2012年06月20日10:44
(本文版权归道琼斯公司所有,未经许可不得翻译或转载。)
J.P. Morgan Chase & Co. trader Bruno Michel Iksil at times resisted sharing some details of his positions with superiors, while trading executive Achilles Macris had a history of clashing with co-workers, according to current and former colleagues.
据摩根大通(J.P. Morgan Chase & Co.)在职及离职员工说,交易员伊克西尔(Michel Iksil)时常拒绝向上级提供其交易头寸的某些细节,而交易部门高管马克里(Achilles Macris)过去也常与同事发生冲突。
Mr. Iksil, a Frenchman known as 'the London whale' for his outsize positions, and the Greek-born Mr. Macris are at the center of at least $2 billion of losses at the nation's biggest bank by assets. Each remains at the bank but is expected to leave, according to people at the bank.
法国人伊克西尔因持有超大规模头寸而被称为“伦敦鲸”。他和出生于希腊的马克里都是摩根大通至少20亿美元巨亏事件的主角。据摩根大通内部人士透露,两人目前都还在该银行工作,但预计将会离职。按资产规模计算,摩根大通是美国最大的银行。
Interviews with colleagues and former co-workers at the unit that employed the traders, known as the Chief Investment Office, or CIO, show how the men gained credibility and power in the years preceding this spring's disclosure that the once-sleepy unit was taking substantial risks in a bid to boost the bank's profits and protect it in a downturn.
相关阅读摩根大通的闹剧聚焦摩根大通:“伦敦鲸”的起落摩根大通巨亏事件:套保乎?投机乎?专栏:“大到不能倒”的银行面临估值窘境回顾:“伦敦鲸鱼”扰乱全球债市这两人所在的部门叫做“首席投资办公室”(CIO)。记者从对该办公室在职和离职雇员的采访中获知,伊克西尔和马克里是如何在今年春季该银行巨亏消息披露之前的数年时间里获得信任和影响力的。那则消息称,曾经不为人知的CIO部门为了提高摩根大通的利润并在经济下行期间保护其利益免受损害而冒险大举押注。
(This story and related background material will be available on The Wall Street Journal website, WSJ.com.)
严重的交易失误已让摩根大通市值缩水逾200亿美元,同时也令该公司首席执行长戴蒙(James Dimon)作为华尔街最精明的风险管理者的声誉受损。戴蒙将于周二出席美国众议院金融服务委员会(House Financial Services Committee)举行的听证会。他的发言稿副本中有这样一句话:CIO的交易员当时不具备理解交易风险必备的能力。
The trading blunders already have cost the bank more than $20 billion of market value and tarred the reputation of Chief Executive James Dimon as Wall Street's savviest risk manager. On Tuesday, Mr. Dimon will tell the House Financial Services Committee that the traders in the CIO 'did not have the requisite understanding of the risks they took,' according to a copy of his prepared remarks.
伊克西尔和马克里的律师要么拒绝置评,要么没有回复置评请求,记者无法联系到这两位交易员置评。
Lawyers for Messrs. Iksil and Macris either declined to comment or didn't return requests for comment, and the traders couldn't be reached.
伊克西尔曾就读于巴黎中央理工学院(Ecole Centrale Paris),1991年毕业,这是法国最负盛名的工科院校之一。上学期间,他经常在学校里打网球。据监管备案文件显示及知情人士透露,2005年伊克西尔受雇于摩根大通,2006年底进入CIO。
Mr. Iksil attended Ecole Centrale Paris, one of France's most prestigious engineering schools, where he played tennis before graduating in 1991. He joined J.P. Morgan in 2005 and moved into the CIO group in late 2006, according to a regulatory document and someone close to the matter.
2008年,伊克西尔曾大举做空追踪次级抵押贷款的ABX指数。这一头寸的风险相当大,因为这些指数的交易并不活跃,要退出很难。摩根大通内部人士说,该银行最终从押注ABX的各种头寸中赚了差不多10亿美元,不过并非所有头寸都是伊克西尔持有的。
In 2008, Mr. Iksil made a big wager against slices of the ABX index tracking subprime mortgages, a position with considerable risk because these slices weren't heavily traded, making them difficult to exit. The bank eventually made about $1 billion from various ABX positions, not all of which were Mr. Iksil's, said people at the bank.
了解交易情况的人表示,伊克西尔大约是在那个时候开始建立对IG 9指数的复杂的空头头寸。这种指数追踪的是一组投资级公司的财务健康状况。伊克西尔的押注规模不断扩大,最后逐渐变成了流动性很差的公司信用多头头寸,而正是这种头寸导致了摩根大通的巨亏。
Around that time, Mr. Iksil began building a complicated, bearish position in an index known as the IG 9, which tracks the health of a group of investment-grade companies, according to a person with knowledge of the trades. His bets continued to expand, morphing into a bullish and illiquid stance on corporate credit that led to the losses.
这位知情人士说,伊克西尔的直接上司马丁-阿塔约(Javier Martin-Artajo)与马克里不仅知晓伊克西尔的交易情况,而且也同意他这么做。但一位同事透露,伊克西尔有时拒绝把交易的详情透露给别人。
Mr. Iksil's direct boss, Javier Martin-Artajo, and Mr. Macris were aware of Mr. Iksil's trades and approved them, the person said. But sometimes Mr. Iksil resisted sharing some details of his moves, according to a colleague.
伊克西尔曾向这位同事吐露说,如果他不想回答上级对其交易的问话,有时就会随便扯一个数学名词方程式或其它术语,把对方搞晕,然后结束谈话。这位同事说,伊克西尔并不是在回避上级的问话,只是没耐心聊他的交易理念而已。
Mr. Iksil once confided to the colleague that when he wanted to avoid questions from supervisors about his trades, he sometimes would start discussing a mathematical term, equation or other technical jargon, to confuse and end the conversation. 'He wasn't trying to evade, he sometimes just didn't have patience if it was his trading idea,' the colleague said.
知情人士表示,摩根大通并不认为伊克西尔对上级隐瞒了任何交易头寸或进行了任何未获批准的交易。记者无法联系到马丁-阿塔约置评。
The bank doesn't believe Mr. Iksil hid any positions from superiors at J.P. Morgan or that he entered into any trades that weren't approved, according to someone close to the matter. Mr. Martin-Artajo couldn't be reached for comment.
但伊克西尔早在去年初就对这位同事说,他持有的头寸规模已经非常巨大,有时实在难以削减。他发现当自己试图出售头寸时,券商就会为了对他造成冲击而让大盘走低。伊克西尔对同事说,他的应对方法是以这些走低的价格买进,以“惩罚”券商,并因此增加了自己的头寸规模。
But as early as last year, Mr. Iksil told the colleague that his positions had become so large they sometimes were hard to reduce. When trying to sell, he felt brokers moved the market lower to hurt him. In response, he sometimes bought at those lower prices to 'punish' the broker, thereby adding to his positions, he told the colleague.
摩根大通一位离职员工回忆说,同事们都知道伊克西尔十分聪明,但似乎有些不修边幅,他在建立头寸时曾来过摩根大通的纽约总部,有时会连续几天穿同一件衣服。也有一位前同事把伊克西尔描述成一位温文尔雅彬彬有礼而且非常聪明的人。
Known by co-workers as intelligent but not focused on personal style, Mr. Iksil visited J.P. Morgan's New York office as he built his bet, sometimes wearing the same clothing several days in a row, an ex-colleague recalls. One former colleague describes him as 'gentle, polite and smart.'
马克里2006年供职摩根大通之前,从事过很多交易方面的工作,其中不乏与同事发生冲突的时候。曾与马克里共事的人表示,马克里在信孚银行(Bankers Trust)工作时,他的上司和人力资源部门主管不止一次找他谈话,让他改善与其他经理的关系。
Mr. Macris joined J.P. Morgan in 2006 after a series of trading jobs, some of which were marked by conflict with colleagues. At Bankers Trust, both Mr. Macris's boss and the head of human resources talked to Mr. Macris more than once about improving his relationships with other managers, according to people who worked with him.
知情人士说,1998年马克里被要求从信孚银行辞职,理由是担心他无法跟之前曾发生过冲突的新上司海因斯(Duncan Hennes)和睦相处。一位了解信孚银行的人说,马克里是在该银行与德意志银行(Deutsche Bank)合并之前离开的。
Mr. Macris was asked to resign from Bankers Trust in 1998, said people close to the situation, over concerns that he wouldn't get along with new boss Duncan Hennes after the two men clashed. A person familiar with the bank says he left ahead of a merger with Deutsche Bank.
后来,马克里后来去德国德累斯登银行的投资银行部门Dresdner Kleinwort Wasserstein,并再次“扬名”。2001年至2004年期间与马克里在该银行共事的德坦(Fred Destin)说,马克里咄咄逼人行动迅速,有点蛮不讲理,但大家喜欢在他手底下工作。德坦现在是美国马萨诸塞州剑桥市投资公司Atlas Venture的风险投资人。
Later, at Dresdner Kleinwort Wasserstein, Mr. Macris again made his mark. 'He was aggressive, fast and a bit brutal, but people liked working for him,' says Fred Destin, a venture capitalist at Cambridge, Mass.-based Atlas Venture who worked with Mr. Macris from 2001 to 2004 at the bank.
马克里的一位前同事说,随着马克里在摩根大通步步高升,他被看成了抢我们饭碗的人。马克里住在威斯敏斯特大教堂(Westminster Cathedral)对面一座维多利亚式宅第的顶层。截至去年,马克里与CIO主管德鲁(Ina Drew)一直为交易情况争论不休。CIO的一位离职人员透露,马克里与德鲁的紧张关系分散了部门的注意力,而那时伊克西尔正在增加头寸规模。
As he rose within J.P. Morgan, Mr. Macris, who lives in a top floor of a Victorian mansion block overlooking Westminster Cathedral, was 'a guy looked at as taking us places,' said a person who worked with him. By last year, Mr. Macris and Ina Drew, the head of the CIO group, were battling over trading issues. The tension caused something of an internal distraction, even as Mr. Iksil's positions were growing, according to a former member of the group.
当戴蒙4月初向德鲁问起这些交易情况时,德鲁与远在伦敦的这个交易团队进行了一次电话会议。了解这次电话会议的人表示,马克里当时向德鲁保证,一切进展顺利。
When Mr. Dimon asked Ms. Drew about the trades in early April, she called the team in London via a remote video conference. Mr. Macris assured her that everything was fine, according to people familiar with the video conference.
Gregory Zuckerman / Dan Fitzpatrick