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Repo 105: Creative accounting at Lehman Brothers | 55 comments (55 topical, editorial, 0 hidden)
Re: Get your forensic derivatives analysis early (4.00 / 2)
If I am so smart, why am I not rich?

I was having this discussion with a fellow engineer back in the late 70s and suggested that, in this society, J. Paul Getty or John D. Rockefeller would have to rank as the some of the smartest people who ever lived. He said: "NO! That can't be true!" Then I responded: "If we are so smart, why aren't we rich?" I suspect that personal and intellectual integrity has something to do with it. Among other problems integrity raises are observations that, in polite society, are considered tactless. If you are going to "Go along to get along" as Carl Albert and Sam Rayburn used to say, it helps not to raise ugly truths that disturb the tranquility obtained by soothing lies.


"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Mar 17th, 2010 at 01:24:56 PM EST
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Re: Get your forensic derivatives analysis early (none / 0)
Integrity has everything to do with it ;-)


You can't be me, I'm taken
by Sven Triloqvist on Wed Mar 17th, 2010 at 01:54:28 PM EST
[ Parent ]
Re: Get your forensic derivatives analysis early (none / 1)
I believe it was in Al Capp's "Ll'l Abner" cartoon where Li'l Abner says: "We're poor, but honest" Someone else suggests: "No. You're poor because you're honest."

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Mar 17th, 2010 at 02:01:35 PM EST
[ Parent ]
Re: Get your forensic derivatives analysis early (4.00 / 2)
See Chris Cook's diary: The poor are honest.

The brainless should not be in banking -- Willem Buiter
by Carrie (migeru at eurotrib dot com) on Wed Mar 17th, 2010 at 02:13:38 PM EST
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Re: Get your forensic derivatives analysis early (4.00 / 2)
There is a war going on, why are you not profiteering?

I do not even demand that you profiteer by selling defective guns like J.P. Morgan did.

J. P. Morgan - Wikipedia, the free encyclopedia

During the American Civil War, Morgan was approached to finance the purchase of antiquated rifles being sold by the army for $3.50 each. Morgan's partner re-machined them and sold the rifles back to the army for $33 each. These guns were defective and were known to blow the thumbs off of those who used them. The sale became a scandal and the government refused to pay for their own defective weapons resold to them at an exorbitant markup. Morgan sued the government twice to collect on his contract.[2] Morgan himself, like many wealthy persons, avoided military service by paying $300 for a substitute.[3]

As long as you are ready to treat every scam not explicitly forbidden and effectively prosecuted as a great business opportunity, you should be able to get rich if you are smart. But well, there is the issue of empathy and morals.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se

by A swedish kind of death on Thu Mar 18th, 2010 at 05:24:56 AM EST
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Repo 105: Creative accounting at Lehman Brothers | 55 comments (55 topical, 0 editorial, 0 hidden)
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