elleng
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Wed Oct-14-09 03:41 AM
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by Calvin Trillin “IF you really want to know why the financial system nearly collapsed in the fall of 2008, I can tell you in one simple sentence.” http://www.nytimes.com/2009/10/14/opinion/14trillin.html?th&emc=th |
| DontTreadOnMe
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Wed Oct-14-09 04:14 AM
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| 1. the smart guys figured out how to get... |
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a $100 million bonus and get away with it!
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| RandomThoughts
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Wed Oct-14-09 04:32 AM
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| 2. His comment misses a component |
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Smart people that also do not have any thoughts of right or wrong as far as making money. They thought first of there bonuses, not of the long term viability of the company, the investors, or the economy.
It required more then smarts it also required an ability to sell things with dubious value with a claim that they would have value sometime in the future, and if you set the perceived future value while you create the financial object, you can sell anything for profit based on that perception.
Complication is a component of secrecy since it can be used to obscure things.
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Tue Apr 30th 2024, 03:39 AM
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