“What is left of the idea that we can rely on financial institutions to manage risk through their own models? What, moreover, can reasonably be expected of the rating agencies? A market in US mortgages is hardly terra incognita. If banks and rating agencies got this wrong, what else must be brought into question?”
Chris Pummer of MarketWatch on the MOST overpaid job in America:
1) Mutual-fund managers
They've been long overpaid. Stock-fund managers can easily earn $500,000 to $1 million a year including bonuses -- even though only 3 in 10 beat the market in the last 10 years.
CONCLUSION: We simply can't trust the Masters of the Universe.
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