Jul/7號的Business Week 有一篇標題為 A Smart Idea Spoiled 的文章, 內容是 Lewis S. Ranieri 的專訪, 這位先生就是資產證券化 (securitization) 之父, 次級房貸的發明人.
被問到為何會爆發次貸危機時, 他回答:
"There's an old Wall Street adage that there's a nexus between fear and greed. If you diminish fear, you get more greed. People got braver issuing this stuff. All the participants felt they could act merely as agents and collect fees. Nobody was prepared to say "I have liability."
殺雞取卵, 真是經典.
Wednesday, July 02, 2008
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