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Fool’s Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe. Gillian Tett (2009)

March 25, 2013

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“Yet what is also needed is a wider rethinking of the culture of finance. For too many years, bankers have treated “credit” as merely an isolated game of numbers. The roots of the word, though, come from the latin credere, meaning “to believe.” That is a concept centered on wider social relations, which financiers forget at their peril. For if there is one element, above all, that is now needed to restore sanity to banking, it is that policy makers, bankers, and politicians must adopt a more holistic vision of finance. In essence, what is needed is a return to the seemingly dull virtues of prudence, moderation, balance, and common sense.”

[op. cit., p 254]

Manuel J. Matos‘s insight:

A sad, very sad, story that we all should learn about.

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