ACPL Online Book Club discussion
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The Big Short
The Big Short by Michael Lewis
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Willful ignorance?
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Mark
(last edited Jan 17, 2019 11:04AM)
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Jan 17, 2019 10:46AM
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The divide between being optimistic and delusional can be hard to maintain, especially in a cultural setting that rewards risk-taking. In addition, the entire was predicated on passing the risk on to the next entity in the chain. They didn't seem to have an objective way of measuring the risks. Although all financial organizations like to think they have good risk management practices, few within an organization are rewarded for saying, "We shouldn't be doing this highly profitable activity because it is too risky." Those who have that responsibility are usually the weakest people in the organization and put in the weakest position.
All of which is to say, "Too big to fail" is the real problem.
All of which is to say, "Too big to fail" is the real problem.