Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Both Merill and Lehman were also pretty agressive in writing stuff down by the end. But they couldn't afford reality, as you say. In the case of GS it's ability was helped by jumping out of the residential RE pyramid scheme before it collapsed, and then betting against it, making money that way.
by MarekNYC on Thu Sep 25th, 2008 at 12:04:02 PM EST
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