Wednesday, October 08, 2008

60 Mins on the Crisis

My Securities Reg Professor, Frank Partnoy, was on 60 Minutes this past Sunday discussing the financial crisis. Professor Partnoy used to be derivitives broker and is a smart, smart dude. He blames Wall Street almost entirely for this mess. Meh. Video link here.
On the upside, Tom Smith shares this anecdote:

I don't know if Frank still thinks this, but a few days ago I asked him on a scale of 1 to 10, where 1 is total nonchalance and 10 is gibbering terror, where he would put himself in this crisis. We each wrote down a number on a slip of paper so they would be independent. I wrote a 6 and Frank wrote a 3. So he seemed not that worried. I specialize in worry, so I'm not a very good measure.