Bankers Failing Upward: They're In the Club and You're Not

06-27-2011 • NakedCapitalism.com/

Corporate American, and apparently important agencies, much prefer to hire people who’ve had Big Jobs no matter how poorly they’ve performed in them, that are very similar to the one at hand, rather than hire someone who relevant skills and experience but for whom a Big Job would be a step up. You cannot make this up. From the Banking Times, “Ex-Lehman chief risk officer appointed World Bank treasurer,” hat tip Richard Smith: The World Bank has appointed Madelyn Antoncic as its new vice president and treasurer. Ms Antoncic served as Lehman Brothers’ chief risk officer from 2002 to 2007 and following the collapse of the bank, stayed on for a year as managing director and senior advisor at the Lehman Estate, helping to maximise value for creditors… In her new role, Ms Antoncic will be responsible for maintaining the World Bank’s standing in financial markets and for managing an extensive client advisory, transaction, and asset management business. She will also lead seven Treasury business lines as follows: the Capital Markets Department; Investment Management Department; Pension & Endowments; Quantitative Risk Analytics; Treasury Operations Department; Banking & Debt Management, and Sovereign Investment Partnerships.