https://www.theguardian.com/politics/2015/jul/15/sajid-javid-what-thatcherite-union-buster-learned-from-wall-street
He was making like $3M per year while setting up the world for a financial blowup.
In the autumn of 2006, Javid was sent to Singapore to lead Deutsche’s
credit trading in Asia. That meant, according to the financial magazine
Euromoney, that he was in charge of, among other things, collateralised debt obligation (CDOs) – a financial product that was soon to get a very bad name for itself in the coming crisis.
Earlier this year, Euromoney highlighted Javid’s role in the controversial pre-crash trading of CDOs.
Speaking to a reporter in 2006, Javid had said of emerging-market CDOs:
“As long as investors understand the risk/rewards of an emerging-market
CDO, they are very appropriate.”
That line is now described by a senior
debt market reporter as “hilarious”.
--
As the magazine put it: “One former Deutsche Bank colleague expressed
amazement to Euromoney at how Javid ‘is spinning his former career’ as a
sober investment banker as opposed to a structured credit trader at the
heart of the business that precipitated the global financial crisis.”
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