What Other Bloggers Are Saying

There's always interesting stuff in the blogosphere.  Below are three excerpts with which I wholeheartedly agree.

Investment advice (

"There is NEVER a great time to invest. Stop listening to the noise from people who have never taken risk with their own money. There is ALWAYS a need to manage your investments accordingly – sizing, liquidity, terms etc…"

Amnesty for Wall Street? (Justin Fox from Time Magazine)

"This could be the makings of a general Wall Street amnesty program. It's not that I think Wall Street is solely to blame for the current financial crisis…lots of people on Wall Street did make tens or hundreds of millions of dollars by mis-assessing risk. So how about this: If any of the executives or former executives of institutions that have subsequently failed or had to be backstopped by the taxpayers ever wants to be taken seriously again, they can just give up every penny they made above and beyond their base salaries in 2005 and 2006. Or, better yet, from 2004 (the first full year of the craziness) through 2007. Deal?"

The Collapse of Ethical Behavior&#0160 (Gregory Curtis, Chairman of Greycourt & Co., Inc)

"we suspect that the financial firms and their executives aren’t quite so collectively stupid… We think there was something else going on… In our view, poor risk controls, massive leverage, and the blind eye were really symptoms of a much worse disease: the root cause of the crisis was the gradual but ultimately complete collapse of ethical behavior across the financial industry… financial firms were free to behave in ways that were in their – and especially their top executives’ – short-term interest without any concern about the longer term impact on the industry’s customers, on the broader American economy, or even on the firms’ own employees. By a collapse of ethical behavior we mean exactly what we say – that the actions of many, if not most, of the large American financial firms (and of the many foreign firms that succumbed to the “American disease”) would strike an ordinary person as unethical – repulsive and scurrilous. But we also mean something more specific to the long-term viability of the financial industry, namely, the disappearance of any sense of fiduciary responsibility to the ultimate client."

That's quite a condemnation, and is something I've been saying privately. 


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