Quant Congress Europe: Quants should take share of blame for crisis

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The quant community bears some responsibility for the crisis, as it pushed complex models that fuelled bad behaviour, according to some speakers at Quant Congress Europe this morning. Speaking on a panel discussion on the future of the quant industry, John Crosby, visiting professor at the University of Glasgow, argued that quants were at least partly to blame as they built models that encouraged overconfidence on the part of banks that risks were under control. "The problem with the models i