May 05, 2009

Do not save us from the embarrassment... it was sheer stupidity!

Sir John Kay in “A boom based on little more than a bezzle”, May 5, with all this talking of “embezzlement or “febezzlemnt”... is he trying to console us? The embarrassing truth is that the crisis originated from sheer stupidity, that of trusting too much the triple-As that never were. If anyone febezzled themselves that was the Basel Committee when it came up with such nonsense as believing they could and should drive out risks from banking, and that the credit rating agencies were just the right ones do to it for them.