Sorry!! The article you are trying to read is not available now.
HOT TAGS:  

What If Women Ran Wall Street?

Print comment Post Comments
BETTER LOOKING SMOCKS ON THE TRADING FLOOR, FOR STARTERS
"Despite what we’ve been led to believe, the market isn’t rational or efficient at all—it’s all about feelings," Sheelah Kolhatkar writes in this week's New York Magazine.  "The major plot points of the crisis largely turned on emotion: Dick Fuld was too egotistical to sell Lehman Brothers when he had the chance, so his pride drove it into the ground; Bear Stearns hedge-fund managers lost huge sums of money on subprime mortgages despite the fact that they suspected the worst (“I’m fearful of these markets,” Ralph Cioffi e-mailed a colleague back in 2007); Merrill Lynch was the “fat kid,” as the investor Steve Eisman has put it, so desperate to be like Goldman Sachs that it barreled into every dumb investment imaginable and had to be bailed out by Bank of America. Almost every single bank chief doubled down on mortgage junk at exactly the wrong moment. Emotions led otherwise intelligent men—because, let’s face it, all of them were men—to make terrible decisions."

TICKERS