Jerry del Missier reaped the rewards as derivatives moved to the heart of modern finance, then experienced the backlash when public opinion turned against the side effects of innovation.
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After starting work at Scotiabank in his native Canada, del Missier joined Bankers Trust to work in derivatives products in 1988, when the firm already had a reputation for innovative structuring and aggressive deal chasing.
He recalls that employees used to joke that Bankers Trust attracted two qualities in staff – that they were very bright and unemployable elsewhere – in what turned out to be a harbinger of future reputational problems.
Personal highlights for del Missier include the creation of the first protected equity notes in Canada and deals that were among the...
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