Dresdner Kleinwort Wasserstein (DrKW) has hired a credit derivatives trader from Enron in the latest sign that investment banks are keen to capitalise on newly-available talent in the wake of the energy trader's collapse.
Michael Gordon joins DrKW from Enron Credit in Japan, where he worked for three years as a credit derivatives trader. Enron Credit, launched in February 2000 as a "realtime credit department for corporations", specialised in offering "risk mitigation", or credit risk management instruments allowing counterparties to hedge their credit exposure. Its activities included credit default swaps and digital bankruptcy swaps (protection against bankruptcy of specific counterparties).
