The best overall regulation the U. S. could impose is to limit the size of every financial institution so that the possibility of out right failure guides every actor.
Thursday, April 4, 2013
Uncovering the Human Factor in Risk Management Models
Jesse Eisinger of ProPublica interiew ith John Breit formerly of Merrill Lynch reminds me of Gillian Tett's Fools Gold, where the really bright quants make up the higher powered financial structures and then get shunted aside by the operators who play with the tools without a clue about the caveats understood by the instrument's creators.
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