An investment bank’s problems rarely prompt an outpouring of joy. But since Brazilian leader Garantia ran into troubles, triggered by last year’s Asian crisis, competitors, ex-employees and even regulators and journalists have been out celebrating. They see Garantia’s fall as a punishment for past arrogance and high risk taking.
A group of Sao Paulo traders were the most brazen in their Schadenfreude. They posted “for sale” signs on the cars of their opposite numbers at Garantia, just after it took a staggering hit in the Brazilian Brady bond market last October.
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