“No one, including myself, ever conceived we would see real estate prices plunge 30 to 40 percent, with homeowners walking away from homes en masse for the first time ever,” Thomas Maheras, the former co-head of Citi’s investment bank who oversaw its mortgage activities, said in a prepared statement.
Comment: Tom Maheras exposes the heart of the problem. At business schools and at economics departments around the world, a new kind of manager has been created over the past decades, a creature who lacks imagination, who lacks judgment, who lacks any sense of prudence. Since the middle of the 90s these guys came to the top. Now society is presented with the bill to pay, and the amount is huge.
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