The common bond of feeling falsely accused

While Horlick’s problems were perhaps the most widely documented of the SocGen team, Keith Percy and John Richards also had their own difficulties.

Nicola Horlick first heard the expression the A-team applied to SGAM in 1997 when she was interviewing a fund manager for a prospective job in her fledgling company.

“I asked why he wanted to join here and he said, ‘I view you as a bit like the A-team. You’ve all been accused of things you didn’t do.’ Which is quite clever and quite right.

That’s exactly the point. We’d all been accused of things we didn’t do,” she says.

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