Friday, September 19, 2008
The Three Lessons of Rocket Science To Learn
"Let me turn to what the industry should do. For financial institutions I would draw three particular lessons. The first is the need for greater realism – some would say modesty – about their risk management capability." ........ "The second is the need for greater openness about the position of each bank." ....... "The third lesson is not for those financial institutions who originate or distribute financial products, but for those who invest in them. ....... understand what you are buying."