Don't blame CPM

Credit portfolio management


As the banking industry tries to digest the roughly $120 billion in losses suffered on subprime-linked securities to date, an argument is brewing about how much blame should be attached to banks' credit portfolio management (CPM) functions, and the lessons - if any - those functions can take from the crisis. On one hand, portfolio managers themselves point out the majority of the losses came from swingeing writedowns on positions built by trading desks, which are not within their purview

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