Too Messed-up to Fail

AIG, Citi and the other former behemoths of Wall Street embarked on a new strategy after the 1987 crash: become too big to fail. That worked, until it didn’t. The new strategy? Too messed-up to fail.
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An Important Idea

“When an expert provides a calculation of the probability of an outcome, they are really providing the probability of the outcome occurring, given that their argument is watertight.”
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bondgeek blog