Middle management during crises often acts like those dominant monkeys that, when subjected to stress, take to bullying juniors. Senior management should therefore restrain middle managers from venting their frustration on traders (and salespeople), no matter how hard that is, no matter how deserving of termination they may be. If this sounds as if I am arguing for a cozy and supportive atmosphere for traders who may well have helped blow up our financial system, I am not. I am concerned rather with stabilizing risk preferences among a financial community that may develop, as a crisis wears
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