Classic lines from CFAI text

This one’s a beauty (may have even been mentioned here before): “A bank could have exposure to literally thousands of risks. Consolidating the effects of these exposures into a single risk measure can be extremely difficult. Nonetheless, most large banks manage to do so and generally do an excellent job at managing their risk.” generally…

Generally, just not in 2008.

More like about 2000 to 2008

lol @ generally. Then again, the banks had everyone fooled. All the free marketeers just figured a free standing entity like a bank would NEVER take enough risk as to bring down the entire organization. Internal risk controls HAD to have been in place. The funny thing about 2008 is that not a single free marketeer outside of Alan Greenspan has shown ANY inclination to believe that the government could have possibly implemented more stringent and appropriate risk controls. There has been NO sense at all by these group that anything went wrong with their theory.