Fools gold,Gillian Tett

Milliband s come with rent boys - On your side ?

Milliband s come with rent boys – On your side ?

isbn: 9780349121895 takes us back to enron (my blog) and ‘genuis’ bankers who made money from money moving debt into products and made balance sheets meaningless when the money stopped generating ‘money’.

JP Morgan one of those now merged banks took a concept and when the laws of banking removed the checks and balances only to find that not all is well in the banking industry.

Computer modelling is the thing, if what the computer assumes that is what will happen then all is good, if the computer says no then Protor and Gamble end up losing $157 million one year was an early hint of how things could go awry – although in that case the bank did well.

Everybody in the banking industry is guilty here ratings agencies, corrupt people and idiots who made bonuses for looking the other way and who did not understanding what it was they where buying debt of dubious quality then sold as an asset .

Economics and markets do not help suppose i am good for a banana a day, but another monkey might not be, assume that i have no problem  but if the banks demand more business then the monkey who might not have a banana a day is also considered a deal as well until the majority of the deals might be deemed iffy but i am not a banker who drives a ferrari or two.

An interesting look at bankers 4/5 bananas

One response

  1. Pingback: The silo effect, Gillian Tett | Bananas in the Falklands

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