Rogues of Wall Street. Waxman Andrew

investment banking to refer to the provision to take back bonuses previously paid out to traders if certain conditions are met. The most frequent of these conditions are if any part of the bonus was paid on the basis of trades that were incorrectly or inappropriately executed.

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In the Societe Generale incident in 2009, Kerviel worked through his vacations because he did not want anyone to look into his trading book, something that could have happened if he had gone on vacation. Following the incident, investment banks instituted mandatory vacations to prevent such a recurrence.