Even worse, what it really indicates a laziness bordering on incompetence, and ultimately a complete collapse of faith in the manager, which, if justified can lead to the departure of the individual in question. Just like Doll.
What is great however, is that with each and every incident of this kind, main street is exposed to the real “talent” behind Wall Street’s glamorous and grossly overpaid facade: a hollow core, where incompetence is masked by big and meaningless words such as “key input factors” and “relative weighting”, where failure is rewarded with seven figure bonuses, and where the exposure of the real ugliness beneath it all is either promptly swept under the rug, with the quiet disappearance of the “weakest link” or in the worst case with Hank Paulson going to Congress with a three page termsheet and demanding a blank check for years of piling error upon error, or else guaranteeing the end of the world.
And that is really all Wall Street is.
via Was BlackRock’s Permabull Bob Doll Fired For Stealing Financial Models? | ZeroHedge.