McClatchy has a great quote from a former Master of the Universe and he seems to be about as sophisticated as a day trader. Of course, he got a wonderful "going away" package, worth some $43 million. That suggests there really is no penalty for failure. Here's the headline w/link and the quote:
Investment banks erred by chasing future mortgage profits
By Kevin G. Hall McClatchy Newspapers
Posted on Wednesday, November 21, 2007
...in a now-famous July interview with London's Financial Times, then-Citigroup CEO Charles Prince appeared to confirm the sheep metaphor when he shrugged off the imminent danger.
"When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you've got to get up and dance. We're still dancing," he said.
Wednesday, November 21, 2007
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