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Pastimes : Ask Mohan about the Market
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To: Cynic 2005 who wrote (16521)9/26/1998 7:36:00 AM
From: Link Lady  Read Replies (1) of 18056
 
In Defense of John Meriwether: Michael Lewis

There is a soul-destroying tendency in markets, as in life,
to demonize great failure. When a trader on Wall Street loses a
huge sum of money he finds forces far greater than himself rising
up to crush him. The nuances of his predicament are lost in the
crude, popular understanding that he has done something terribly
wrong. What's interesting about the collapse of Long-Term Capital
Management is that, at least to judge from news reports, no one
at the firm did anything obviously wrong. (12892Z US CN)
news.com
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