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ISDA CEO Stepping Down
Wait, what's that? CEO leaving after his CDS-(non) triggering determination practices brought down the Eurozone? What a stunner:
- ISDA CEO STEPPING DOWN
- ISDA SAYS VOLDSTAD WILL BE REPLACED AS CEO BY PICKEL
Luckily, since this is a voluntary action, no CDS written on Voldstad will be triggered and thus no severance will be due and payable. Right? In all seriousness, this means that the idiotic no-trigger determination will be reversed right? We can't wait for the snarky post on the ISDA blog explaining this debacle.
Robert Pickel Appointed Chief Executive Officer of
International Swaps and Derivatives Association
Conrad Voldstad to Serve as Special Advisor to the Board
NEW YORK, November 10, 2011 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Board of Directors has appointed Robert Pickel as Chief Executive Officer, effective January 1, 2012. Mr Pickel, who is one of the derivatives markets’ most experienced and accomplished executives, returns to the post after serving as the Association’s Executive Vice Chairman for the past two years.
Conrad Voldstad, ISDA CEO since November 2009, will continue to work with ISDA as a Special Advisor at the request of the board. Mr Voldstad, who has been a leader in the swaps and capital markets for three decades, will assist on strategic initiatives.
“Connie Voldstad is an industry pioneer, and the board and I are grateful for his tremendous contributions to ISDA and the OTC derivatives markets,” said Stephen O’Connor, ISDA Chairman and Managing Director, Morgan Stanley. “The board looks forward to working with Bob Pickel as ISDA’s CEO. Bob’s appointment, together with George Handjinicolaou’s recent selection as Head of Europe and Deputy CEO, and Connie’s role as Special Advisor, provide ISDA with a very strong management team. ISDA is well positioned to navigate the challenges of the next few years as we work to foster safe and efficient derivatives markets for all users of derivative products and move forward through a period of unprecedented regulatory reform,” he said.
“ISDA has a terrific history of working on behalf of the OTC derivatives markets and its contributions are unequalled among trade associations globally,” said Mr Voldstad. “I have been delighted to partner with Bob Pickel to address the key issues facing our markets. We have clearly made important strides and I am certain that Bob is the right person to lead the Association forward as it makes further progress toward its key goals.”
“Connie has been an ideal leader of ISDA. I have enjoyed working with him and I look forward to his continued contributions,” said Mr Pickel. “ISDA faces a number of opportunities and challenges ahead. Our focus is on addressing these issues and fulfilling our mandate by supporting derivatives markets across asset classes, geographies, and trading and clearing environments. To do this, we will continue to reach out to all types of market participants around the world.”
Robert Pickel: Summary Biography
Robert G Pickel was appointed Executive Vice Chairman of the International Swaps and Derivatives Association in November 2009. He previously served as Chief Executive Officer from 2001, and as General Counsel from 1997.
Mr Pickel has been a highly visible figure in the ongoing regulatory discussions regarding OTC derivatives, participating in US congressional testimony and spearheading discussions with European and Asian regulatory bodies.
In his time with ISDA, Mr Pickel has brought the organization to several important milestones. He was instrumental in the development of the protocol mechanism which is ISDA's means of amending multilateral derivative agreements. This was followed by the Novation Protocol, which created a uniform process for obtaining consent to transfer interests in credit and interest rate derivative transactions. He has been a key player in the growth and structure of credit derivatives, and the adoption of worldwide best practices on their use. In 2009, he announced the successful completion of the "Big Bang" Protocol, which details the incorporation of auction settlement terms into standard CDS documentation.
Prior to joining ISDA, Mr Pickel was assistant general counsel in the Legal Department of Amerada Hess Corporation, an international oil and gas company, from 1991 to 1997. He has also worked at the law firm of Cravath, Swaine & Moore in New York and London, where he represented ISDA in a variety of matters. Mr Pickel graduated from Williams College and received his law degree from New York University.
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He is very affraid.
Lots of rats are jumping off lots of ships.
What is that stench I smell in the wind?
You know what a shit barometer is?
https://www.youtube.com/watch?v=4pcMn5bXbRU
Measures the shit-pressure in the air...you can FEEL it!
Maybe his conscience kicked in an reminded him that it shouldn't even be debated if a 50% haircut is a credit event
Get to know em:
http://www.whobod.com/content/isda-international-swaps-and-derivatives-a...
Handy site, that one. Thanks.
Shit hawks circling, swooping in low and shitting on people and dragging them back the the big shit nest....big, greasy, dirty shit hawks.
The shithawks are coming, Bubbles! - YouTube
It's the smell of rotting debt.
ORI
He can get a job stamping Grade A on Grade D fit for human consumption meat.
The pickel went up te poop shoot...It's really stinkin up the place
He must have resigned voluntarily with a gun to his head too.
I have met the man, and he seemed a decent guy. His background is as a risk manager, not a trader. My bet is he didn't agree with the decision and doesn't want to deal with the bullshit anymore. He knows damn well it was a default, and knows equally well that sovereign CDS are now worthless. But you can bet there was a ton of pressure to conclude no default.
what you say makes alot of sense.
Seems they're in a Pickel over there.
What does he know? What is coming down the pipe?
Exactly my thoughts, No1. In an extremely generous mindframe, you could think he'd had pangs of guilt for the fraud perpatrated on Greek CDS holders, but more than likely he too is seeing that the jig is up and that the future holds nothing but more bullsh*t "rulings" on credit events. You can hardly fault a man for not wanting to stand in front of the impellers when they are about to be subjected to the infusion of feces.
Haha, replaced by a Pickel
Sweet or Sour?
Kosher.
Haha, replaced by a Pickel
sorry - double post
ISDA gives head to Pickel?
Now they have a Pickel up their ISDA...
This is boring. When do we start seeing CEOs thrown from helicopters?
Yeah what a boring day. No riots. No collapse.
The highlight of my day so far was the shithawk video.
Pickel...you gotta be kidding!
I hate to ask, but . . .first name Dick?
Probably Dilbert...Dill for short.
actually its Vlasic...
Its actually Flesh
It's d'Onion actually.
Ina.
Nope. It's Bob. Bob Pickel. Get it? Bob Pickel? Er..., nevermind.
Ha, ha, ha..........he said Pickel.
http://en.wikipedia.org/wiki/Colombian_necktie
Time for this.
Infectious Diseases Society of America, oops wrong abbreviation
Well done, Mr Rickards, you sorted him out!
RC Whalen posted here yesterday too.
The long knives are out.
I thought the ISDA Determinations Committee decides what constitutes a default or not?
And that's still the case - no?
So what did the CEO do wrong in ISDA's eyes?
he may be jumping ship before the lawsuit tsunami comes
A Shitnami, and theyre all getting swept up in the undershit of that wave.
waves of shit to go with wnds of shit...hmmm, the shit barometer must've detected a shittercane...
I think Reggie Middleton thinks lawsuits are imminent too but if the small print says the Committee calls the plays I'm not sure what the case is...
Small print is just words on paper. Judicial loyalty is what will determine where these lawsuits go (or don't).
If only American politicians were resigning at the same pace as those in EU....
This move is clearly not a resignation event. He's merely restructuring his work/life balance.
He wants to spend more time with his family.
He's going to be the new football coach at Penn State.
Tyler,
Why is ZH silent on the municiple bankruptcy proceedings in Alabama? Where is Whitney these days anyway?
There was a post yesterday evening. Check the archives
Thanks, I figured there had to be. missed it, you know, actually working.
The info flow is so heavy right now -- a couple of hours without checking in, and you've got at least an hour of catching up.
ZH silent on it? They just ran an article on it in the last 12 hours.
He has been ordered to take a shower at Penn State.
"He has been ordered to take a shower at Penn State."
Someone sent me this last night: If an older woman who chases after younger men is called a cougar, should we now call an older man who chases after younger boys a Nittany Lion?
There was a book I read a while ago called "And Still We Rise", which is about a bunch of inner city students from Los Angeles trying to graduate from high school and go to college in the early 90's. Anyways, gang life was rife in LA at the time, and onf the gangs that jumped one student in the book was called "PENN STATE."
Penn State in the book was actually an acronym. It stood for: "Pussy Eatin Nasty Niggas, Suckin Titties and Tasting Everything"
He can put on his resume that he blew up the EU and invented the internet too. No, wait, that was Al Gore, I was confused by Al's waistline blowing up.
I think that was massage related.
Haaah! Nice Smiddy.
I had the pleasure of watching Al G give his first speech that became Incontinent Truth, at the Green Festival in San Francisco.
The man was shining like he was made of wax. Totally other worldly, not in a good way. Of course, then I did not know what I know now, or I might have booed him.
ORI
Caveat Emptor
Another $20 Mill 'Golden Parachute' triggered...that's all.
WTF, step down? He ought to step off a fucking 200 foot cliff.
http://vegasxau.blogspot.com
Yea, you take home a pen from work, or $5 comes up short on a register, and they file a police report on you.
These guys collapse entire banks and continents, theyre asked politely to 'step down'?
That's the benefit of working for somebody else. Especially when the "someone else" is organized crime.
do not google Pickel, you will puke!!
ok, go ahead, i know you want it...
found a good one. Presenting: Mr Pickel!!!
http://www.jiggle.de/vb/attachments/coole-lustige-bilder/232730d12778506...
Should step into a jail cell.
Does anyone know what time the markets open in NY. Just curious. Zzzzzzz
ISDA needs to change their acronym to only 3 letters, all the cool organizations are 3 letters
Yes, but the fourth letter gives it gravitas.
GOLD CLOSES IN ON $16XX
Got phys?
Go and look at their blog. You will be amazed at the condescending attitude of those people. I left a comment for them on their latest post.
Basically they make it sound like the whole world is stupid, except for them.
man, that thing is funny. it's like they talk to a baby. i cant even continue, although i feel comforted by the tone...
You would be correct here, it seems they have a team of semioticians employed over there in order to shield themselves from the simple fact that they are another completely superfluous bureaucracy.
These people at ISDA are out of their damn minds posting this sort of condescending crap on their "media comment" site. I get the sense of a cornered animal lashing out at anyone who approaches it when reading their postings.
CON Descending. It's what they are. They don't want to descend so they try to stuff everybody beneath their con.
They had 8 years or so to conspire to stamp good credit risks on shit companies shit soverigns and shit TBF banks. Now they gotta deal with reality.
With all the recent job openings in the EU they should have some good employment numbers coming up.
Take this pickel and shove it up your arse Europe.
Obey the Pickel!
Bury the Pickel.
This must be the news that made gold drop $30 in 10 minutes.
Fucking Manipulators......
............................Die...!!!
ever since i was a little gerkin, i wanted to be a pickle farmer!
mwahahaha. Gerkin. there are like 3 people in the world that know what a Gerkin is. I only know because I was fishing with a guy one time who told me he was writing a movie about a Gerkin. I asked him to tell me about it and he was like, "Okay, so opening scene, here's our gerkin protagonist lying in the snow, bleeding out from a stomach wound...cue voice over, he says something cryptic, like 'rosebud'" Then....well, that's as far as I've gotten..."
isn't that the english spelling for the german vercion of 'pickle'?
oops--yeah I guess. I was thinking of Gurkha....
I am so bored!!!!
Nothing happening today.
Im gonna go find some amateur porn while I pretend to work.
Market holding its breath for the next rumor.
I wonder if tomorrow will be boring. 11-11-11.
He'll find a new job faster than you can say,"Next!" An ass kisser of this magnitude is very difficult to find...maybe Barry O will hire him to be one of his 'yes' men...
Since MillionDollarBonus seems to be unavailable or unwilling to step up to the plate on this pressing detail, let me try to fill his loafers:
or something like that.
M$B, where art thou? Nobody spews it better!
Having been involved with ISDA since the early 1990s, this is simply ISDA circling the wagons and bringing Pickel (legal wing of ISDA and ex-Cravath who helped found ISDA through Dan Cunningham) in to the top seat to help defend the organization and its decisions. Volstad is a high-powered business wing person good for product development and marketing. That mode is now fading in importance and defense and legal prep is rising to the fore.
Having been involved with ISDA since the early 1990s, this is simply ISDA circling the wagons and bringing Pickel (legal wing of ISDA and ex-Cravath who helped found ISDA through Dan Cunningham) in to the top seat to help defend the organization and its decisions. Volstad is a high-powered business wing person good for product development and marketing. That mode is now fading in importance and defense and legal prep is rising to the fore.
You guys are attempting to legalize fraud. You're fucked man. Fucked.
You're high powered lawyers are fucking stupid ass children only interested in turning shit risk enterprises into triple A.
You're entire organization will burn like a timber box in the fraud it's created.
Dude where's my finacial vehicle,
I might have missed something:
Did the 50% haircut with no default deal go through, or is it all still pending?
They should replace him with Sharma who Buffett and Obama axed at the S&P for telling the truth. Actually come to think of it, have they found Sharma's body yet?