act so stupidly? I mean - seriously - why the heck would you play around with so much leverage and debt obligations that a single bad quarter could wipe out your entire firm?
Why wouldn't you hedge your bets a little bit? Not just with "insurance" (since we all know how risky credit default swaps can be), but through simple diversification, firewalling, and other BASIC measures?
I honestly don't get it. These firms were full of people with doctorates in physics and economics.
How did they botch things so stupidly, considering how smart they must have been?
Why wouldn't you hedge your bets a little bit? Not just with "insurance" (since we all know how risky credit default swaps can be), but through simple diversification, firewalling, and other BASIC measures?
I honestly don't get it. These firms were full of people with doctorates in physics and economics.
How did they botch things so stupidly, considering how smart they must have been?