Apparently, the people at the top of the pyriamid, both private and public, didn't really have a clue about the markets they made and regulated. When Henry Paulson was the CEO of Goldman Sachs, he didn't understand the market for mortgage-backed securities. Worse, Uncle Alan Greenspan when he was Fed chairman also couldn't understand that market.
The reminds of Casey Stengal's comment to the bench of the 1962 Mets: "Can't anybody here play this game?"
Monday, May 25, 2009
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