A group of Wall Street executives released a report on Wednesday that outlined how the industry failed to foresee the financial meltdown of the last year and what companies can do to improve risk management.
http://www.nytimes.com/2008/08/07/business/07report.html?_r=1&em=&pagewanted=print&oref=slogin
In 1769, short of funds to rebuild Prussia after attacks by Russia, Sweden and Austria, Frederick the Great let aristocrats, churches and monasteries raise money by pledging their estates as security to investors. ... http://www.bloomberg.com/apps/news?pid=20601109&sid=amy5j45Oa9Ag&refer=home#
Investors' childlike demand for safety has made the financial world terribly risky. As we rebuild our broken financial system, we must not pretend that risk can be regulated or innovated away. We must demand that investors choose risks and bear consequences. We need more, and more creative, risk-taking, not false promises of safety that taxpayers will inevitably be called upon to keep. ... http://www.nakedcapitalism.com/2008/08/too-much-risk.html
