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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Ilaine who wrote (14460)2/4/2002 11:25:33 PM
From: Raymond Duray  Read Replies (2) of 74559
 
You don't get it. The culture of MS-FI was to sell these instruments with the intention to de-fraud by writing instruments of such byzantine complexity that the "mark" could never understand his exposure. It was an aberrant culture that was totally predatory in nature. That is what nauseated Partnoy about the derivatives business, as executed by Wall Street, and why he's moved over to academia where he can ethically make a living. The culture of predatory amorality that pervades Wall Street is something that we really ought to address through this Enron-inspired round of hand wringing and reregulation. I'm not naive enough to suggest that we can regulate the feral, sociopathic nature of Wall Street completely. But we can at least control some of the most wretched excesses.

-Ray
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