Thursday, April 29, 2010

G-S: Is It Surprising? post script

this from the Senate hearings 2 days ago:

the G-S sales guy, Fabrice Tourre who sold some of the much-discussed securities said in an email

“...a product of pure intellectual masturbation, the type of thing which you invent telling yourself: ‘Well, what if we created a “thing,” which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price?’ ”

There's no way to top it.

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