Archive for April, 2009

Investment banking

Classical strategy: “Buy low, sell high.”

Enron executive strategy: “Buy high, hide your losses with phony accounting, collect your bonus and get out.”

Lehman Brothers executive strategy: “Buy high, hide your risk with complex financial instruments, collect your bonus and declare bankruptcy.”

Other large investment bank’s executive strategy: “Get ‘too big to fail’. Buy high, sell low. Make up the difference with government bailout money. Continue collecting bonuses.”

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