"This book truly
is a must read."
-- Congressman Ron Paul
HOW DID SO MANY RICH GUYS GET SO DUMB?
MAYBE THEY WERE MORE LUCKY THAN SMART TO BEGIN WITH...
How Scientists Helped Cause Our Financial Crisis
In retrospect, the financial planning by our most sophisticated financial institution looks incredibly stupid. Merrill Lynch never included in its plans the risk that its counterparties could demand more collateral. Citigroup proceeded to dive headlong into the mortgage market on the assumption that a national housing decline was impossible. Everyone, it seems, failed to guard against the risk that they might be forced to sell assets to raise capital during a downturn. So it's worth asking: how did so many rich guys get so dumb?
