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Greed. Stupidity. Arrogance. Delusion. These were among the words that kept popping into my head as I watched yet another jaw-dropping report on the Wall Street meltdown, in this case courtesy of last night’s 60 Minutes.
The segment focused on the development of complex and exotic financial instruments that were actually designed by mathematicians and physicists working for the major investment banking firms (and some insurance companies) using algorithms and computer models to reconstitute inherently unreliable loans in ways that were supposed to eliminate most of the risk.
Even worse, a huge shadow market buying and selling something called “credit default swaps,” which is nothing less than a form of phantom investment insurance, also collapsed, adding trillions of dollars in fuel to the devastating financial sector fire. The whole thing is enough to make you sick.
Click here to watch the broadcast.
INTEREST IN MARILYN MONROE NEVER SEEMS TO FADE
The discovery of a pair of filing cabinets owned by Marilyn Monroe is the subject of a nicely written piece in this month’s Vanity Fair Magazine. The tale behind their discovery and authentication is as much a story about the legend of Monroe as it is the precarious nature of recorded history, dependent as it is on so many random and unknown factors.
With a pleasant lack of gossip and attention to detail, the full-length feature story makes for interesting reading and perspective on the always fascinating American culture.
Click here to read the story.
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Michael Welch Its SUCH A Joke At That... wrote on Oct 17, 2008 1:46 PM: