Today is Day 1 of the new blog. My pre-WordPress blog posts are available through the ‘OLD BLOG’ button at the top of each page. I have so much news to report that I don’t know where to begin. The most important task for today is to relaunch The Underdog Theorem Blog from its new home, so I’ll get things going with an excellent quote I heard a little while back about good ol’ Wall Street and fabulous Las Vegas.
“Nobody, including the Fed, can go and say ‘Well how many of these bad bets are there out there?’… It is as if a bunch of Las Vegas bookies started taking bets and never bothered to write them down or record them, or, as you know a bookie will try and have a balanced book so that if it loses one side of the bet it will cover by another side and make their money on the commissions… Here, these banks didn’t bother to hedge themselves… We would have been better off if Las Vegas had handled this operation than having Bear Stearns handle it.”
You can hear the full interview here:
http://www.npr.org/templates/story/story.php?storyId=89338743
Law professor Michael Greenberger on Wall Street’s financial crisis of 2008. Greenberger is a professor at the University of Maryland School of Law and the director of the University’s Center for Health and Homeland Security.
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