Letter To David Stockman

Letter To David Stockman

In my arguments I am reminded of the John Paulson story, of trying to
tell Bear Stearns’ risk management department his thoughts on CDO’s and the mortgage market
before it melted down. They told him, “We can’t believe you because if we do, we will undentand
that we are already dead.” I think of that denial often and don’t think that it applies
to me, or your, arguments…


 
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