Monday, March 15, 2010
Favorite comment: "Wall Street is able to delude itself because it gets paid to delude itself ... If you pay someone not to see the truth, they will not see the truth."
On AIG and Goldman Sachs: "They insured tens of billions of dollars of subprime mortgage loans without even knowing they were doing it. Goldman Sachs persuaded them to insure these piles of loans without them ever investigating what was in the pile. So, there's an additional level of incompetence here - they didn't even know the mistake that they were making."
And a closing thought from Steve Kroft: "Lewis believes the financial industry is living in a world so disconnected from American life that it can't be sustained. He thinks it may take a while, but he believes that Wall Street as we know it has done itself in."