Sublime

expressing confidence in the overall monetary system.

Securitization had produced the most toxic financial assets in the world – Fabrice Tourre was just one of an army of financial engineers manufacturing them – and had spread them far beyond the originating banks; revealingly, the near-total collapse of securitization in the course of 2008 was a key feature of the crisis.

Goldman Sachs, as the author and philosopher Nassim Nicholas Taleb points out, is surprisingly socialistic internally: people distribute their gains among a partnership. However, no one there proposes a profit share with JP Morgan;

The impulse to continually ring-fence more assets under the control of a corporate brand name is powerfully felt

“He can be, sometimes I think, probably too tough on people.” His point was that while it was one thing to maximize returns for shareholders, there was an array of stakeholders that had to be considered. Among others, employees fell into that category.

the markets were predisposed to underestimating the likelihood of dramatic change.