Monday, August 11, 2008

Wall Street Mea Culpa

The Counterparty Risk Management Policy Group III (CRMPG III) released its report last week called, "Containing Systemic Risk: The Road to Reform."

The group was formed by the private sector to "focus its primary attention on the steps that must be taken by the private sector to reduce the frequency and/or severity of future financial shocks."

This has been billed as the "What Went Wrong," report by pundits and bloggers. It was a lengthy report and I don't think I will have time to read the entire thing, but I did a word search and couldn't find any of these words in the document:

Greed, Dishonesty, Avarice, Self Interest, Gluttony, Duplicity, Voracity, Ravenousness, Conflict of Interest or Double Dealing.

or any of these phrases:

"Too smart for their own good."

"Can't see the forest for the trees."

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