Clergyman's

Sigmund Freud would have been a wonderful witness here. He would have explained the use of derivatives as denial and rationalization—the pretense that we are doing one thing when we really mean to do something else; the relationship between the banker and its client as one of ambivalence and reliance on the father figure; the use of accounting conventions as repression and the absence of reality testing; the work environment as the pleasure/pain principle—current pleasure for future damage, let someone else pick up the pieces; leveraging and doubling our bets as counter-phobic behavior; termination therapy as what happens when the CFO and Treasurer get caught; and, of course, transference—how the trader seeks to shift responsibility to his or her superior when the string runs out.
- Eugene Rotberg

Sigmund Freud would have been a wonderful witness here. He would have explained the use of derivatives as denial and rationalization—the pretense that we are doing one thing when we really mean to do something else; the relationship between the banker and its client as one of ambivalence and reliance on the father figure; the use of accounting conventions as repression and the absence of reality testing; the work environment as the pleasure/pain principle—current pleasure for future damage, let someone else pick up the pieces; leveraging and doubling our bets as counter-phobic behavior; termination therapy as what happens when the CFO and Treasurer get caught; and, of course, transference—how the trader seeks to shift responsibility to his or her superior when the string runs out.
- Eugene Rotberg

Sigmund Freud would have been a wonderful witness here. He would have explained the use of derivatives as denial and rationalization—the pretense that we are doing one thing when we really mean to do something else; the relationship between the banker and its client as one of ambivalence and reliance on the father figure; the use of accounting conventions as repression and the absence of reality testing; the work environment as the pleasure/pain principle—current pleasure for future damage, let someone else pick up the pieces; leveraging and doubling our bets as counter-phobic behavior; termination therapy as what happens when the CFO and Treasurer get caught; and, of course, transference—how the trader seeks to shift responsibility to his or her superior when the string runs out.
- Eugene Rotberg

Sigmund Freud would have been a wonderful witness here. He would have explained the use of derivatives as denial and rationalization—the pretense that we are doing one thing when we really mean to do something else; the relationship between the banker and its client as one of ambivalence and reliance on the father figure; the use of accounting conventions as repression and the absence of reality testing; the work environment as the pleasure/pain principle—current pleasure for future damage, let someone else pick up the pieces; leveraging and doubling our bets as counter-phobic behavior; termination therapy as what happens when the CFO and Treasurer get caught; and, of course, transference—how the trader seeks to shift responsibility to his or her superior when the string runs out.
- Eugene Rotberg

We design performance measures to cover-up error. They are called benchmarks. We make decisions based on: Will we be found out? Discovered? Identified as the wrongdoer? Do we really want to have to explain this stuff to someone who spent his or her life in sales or marketing?
- Eugene Rotberg

Always measure opportunities lost.
- Eugene Rotberg

Ask ‘what if?’ Quantify ‘what if?’ . . .
- Eugene Rotberg

Figure out what we are really trying to do. . . .
- Eugene Rotberg

“Admit we are not sure of all the risks. . . .
- Eugene Rotberg

Never penalize those who work for us for mistakes or reward them for being right about markets. It will go to their heads, is counterproductive and, in any event, material compensation will not correlate with their ability to predict the future next time.
- Eugene Rotberg