Someone was saying something about Bore Atlantic on CNBC when I was leaving office. Didn’t get a chance to listen. The anchor was smiling luxuriously like an Alukkas model. So must be good news.

12 July 2007

12.05 p.m.

Fuck! Bore Atlantic is down 6% today. I saw one Bore Atlantic headline in the FT. One of their funds is doing very badly it seems. But the report is otherwise fairly positive about the bank overall. Should bounce back in a day or two I think.

2.40 p.m.

Japanese platter for lunch. But lots of free time to have lunch. So no hurry.

Bore down another 3%. Not panicking. Not my money. So why worry.

News of the investigation seems to have died down as quickly as it exploded. Everyone is going back to work.

But it looks like we are going to wrap up. I saw Dominic and Rahul Gupta in a video conference with Boris and a bunch of other partners. If Dufresne wants to save its reputation, it needs to get out of Lederman asap.

This is not good for the bank. I really, truly wanted to see it improve and clean up strategy and operations. But now the firm is in real trouble. If it is serious about surviving it needs to hire a full Dufresne team at full market price and perhaps even get the entire banking team on board. Seven of us are going to achieve nothing.

13 July 2007

4.22 p.m.

No sign of a bounce back in Bore so far. This morning the anchor on CNBC was fairly optimistic. He said that Bore was having trouble in some minor division that accounted for a very small percentage of business. The market was overreacting and would correct itself soon …

And then Bore immediately plunged another 3%.

What if I had actually invested MY own actual money? Deivame. Would be dying right now …

I have decided to not worry about the investments. If someone asks me, I will tell them that I did it in good faith. And on the basis of the workshop that I sat through in Brussels. If they have a problem, they can discuss it directly with Andre or someone at Bore Atlantic. That is now out of my head.

Since it looks unlikely that anyone in Lederman now cares for the Dufresne project, Dominic is beginning to wrap things up. We are going to make a deck on strategy and operations, but only for the sake of it. I’ve been asked to make a generic deck on banking best practices.