Total surprise myth vs. calculated robbery


http://www.ritholtz.com/blog/2012/02/gretchen-morgensons-exercise-in-futility/

Their expertise should have alerted them to the obvious coming tornado. Or worse — and IMO criminally — they saw it all coming and went about running up risky exposure regardless. The massive smash and grab, break the bank, snatch huge IBGYBG bonuses, and split before anyone noticed was the order of the day.

Folks don’t want to get so deeply into this idea of a gigantic, multi-year robbery of the financial system because it’s a violation of our modern, informal social contract.

You guys run the show and you can make more money but you’re not supposed to rob us, you just get more money for running the show.

That’s the social contract as I see it.

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