Head of the infamous 100-to-81 NAV overnight markdown reportedly stepping down. Feels like a harbinger. We saw serial heads roll in the GFC too. This one smells like "taking the fall" theater.
You can't run a massive asset manager, drop NAV 19 points overnight, and pretend there are no consequences. The mark-to-market games always catch up eventually.
You can't run a massive asset manager, drop NAV 19 points overnight, and pretend there are no consequences. The mark-to-market games always catch up eventually.