submitted by bostonreview
One person on the market and liquidity risk team vividly remembers a New York Fed bank examiner shrugging off the emission trading losses, arguing, “Don’t worry about that. We just have to respond to these things when they happen. We can’t get ahead of these problems. We don’t have enough people, and the bankers have a lot of smart people.
“Regulatory failure datapoint of the day, Citigroup edition” by Felix Salmon
Boston Review is a magazine of ideas, independent and nonprofit. We cover lots of ground—politics, poetry, film, fiction, book reviews, and criticism. But a few premises tie it all together: that democracy depends on public discussion; that sometimes understanding means going deep; that vast inequalities are unjust; that human imagination breaks free from neat political categories; and that powerful images are worth piles of words.
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