Monday, November 5, 2007
The curtain has just fallen away to reveal man in a grey suit with bright red braces and an Excel spreadsheet! – These financial ‘wizards’ are in fact morons!
Prof Peter Spencer, of York University and one of the country's leading economists, said: "Citigroup is a microcosm of the whole financial system. The reason it can't work out what its losses are, is because there is no way of measuring these financial instruments."