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tartufe 11/26/2008 04:11 PM Report
The rationale in the first 99% of this high light on risk management and 'stress-testing' (that housing apparently was headed up indefinitely) was shot down by Vikram himself when the last sentence (1%) was (paraphrasing), "In the last 2,500 years there's always been bubbles." So with that bit of acknowledged knowledge where the hell was the wisdom that should have accompanied that knowledge. Saving and Loans greed not 2500 years distant, nor even Holland tulips. The minimum wage clerk at McDonald's also doubtless believed housing would go up FOREVER. Bobby Rubin made 1000+ times and had no better reasoning, wisdom? What the hell justifies their million dollar extortion if their thinking is so imprudently puerile. Bobby Rubin encouraged more risk - not less - reserving a special place in hell it is hoped. He and a lot of others should be consigned to several winters under a bridge along with the victims of their egregious greed.