Hide Your Physics Books

Scott Patterson, author of "The Quants" was on the Daily show and he and John Stewart managed to blame physicists and mathematicians for the great financial meltdown. What crap. If you look at the education of the guys who were actually running AIG and the big five investment banks you find lawyers, MBAs, a Finance PhD, and a couple bridge players, pilots and baseball players, but how many physicists? I couldn't find any.

I'm not saying that the real quants were completely innocent, but the really bad decisions seem to have been made by those who couldn't, or wouldn't take the trouble to understand the risk models and their limitations.


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