"The banks knew they were selling crap, they had some back room somewhere where a bunch of Indian guys who'd been doing nothing but math for God knows how many years would come up with some kind of model saying that this or that combination of debtors would only default once every 10,000 years. It was nuts." - trader who sold CDOs for a major investment bank.From here:
Tuesday, March 24, 2009
Blame the math, but not the decisionmaking: Quote
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