First Chicago
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2 statements about First Chicago, every show
Wagner: 1990s distressed debt trades bought companies at two times cash flow
“Back then, we used to value every company at four times cash flow, and you'd buy them at two times cash flow. And you would make gobs and gobs of money for many, many years.”
Chhabra: Prop trading desks give traders an asymmetric free option
“Because the traders have a free option, and On the firm capital, and so you're just going to induce me to take a lot of risk, and if it works out well, I'll make a lot of money if it blows up. There was something wrong with that whole structure”