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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Lou Weed who wrote (248358)	11/13/2007 10:44:36 AM
From: michael97123	Respond to of 281500

I have been in this business for a long time selling to these same banks. Some of their practices are primitive. Making all those quick bucks in the mortgage industry made them full of themselves. They could have it both ways---relative low tech and huge profits. But the bubble got them and now its time for them to do due diligence on how they messed up. If i were a bank like wachovia, i would be bringing in (hiring) goldman people to fix things so this couldnt happen again. I dont fully understand this risk mgt thing but if it saved goldmans ass, and i was ceo of citi or merrill, i would pay whatever necessary to get it into place.