If Cads can manage the bottom line, they’ll manage…
There’s a graph doing the rounds among some partners of Cadwalader Wickersham & Taft. It illustrates the fortunes of the asset-backed securities (ABS) market that until recently drove this thrusting, ultra-profitable New York shop: a steep ‘hill’ rises from 2001 until the mid-point of 2007, at which point it has reached nearly $300bn (£200bn) in quarterly value. After that it falls so fast it appears to have hit zero in 12 months, though a helpful note points out the figure is actually $424m (£283m).
