MYRON SCHOLES HAS A LOT OF NERVE

Or perhaps a tremendous lack of shame. He was one of the Masters of the Universe (MOTU) at Long Term Capital Management, a hedge fund that imploded in 1998 and threatened to take other firms down with it. He apparently learned NOTHING from that experience and in a recent issue of The Economist (h/t Barry Ritholtz) defends "financial engineering" and warns about too much regulation.

Myron the MOTU makes this claim:

Obviously, these same proponents for re-regulation fail to measure the benefits of the myriad financial innovations that have succeeded since regulatory constraints were relaxed in the 1970s. And they fail to account for the vast increase in the wealth of the global economy that has resulted from the freedom to innovate.

but offers not one shred of evidence for it. He sounds just like another devotee of the Free Market Fairy - Uncle Alan Greenspan.