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Politics : Ask Michael Burke
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To: Ed Beers who wrote (37860)12/1/1998 11:56:00 AM
From: accountclosed   of 132070
 
I brought up the quote originally, and you are right that he referred to default on bonds in their own currency. The actual discussion was obscure to the extent that no country was named. But to post it here I inserted Russia so that it made more sense to people.

I don't know bond history enough to know, but such all encompassing statements as "never" and "only time ever" are generally suspicious to me.

But my point of bringing it up was never to criticize Manley but to say he made a cute point by saying that derivative traders "didn't have a greek letter for something that had never come up before". You know like being "long gamma" etc. I thought that would give the thread a chuckle. The moral of the story is that derivatives are a science up to the point that they stop being a science. And then sometimes the quantitative geniuses (or in this case Nobel Prize winning quantitative geniuses) like LTCM go broke.

I was trying to give Manley credit, not question him.
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