Marty Fridson: The blame game
It’s wrong to pin the responsibility for the financial crisis on the quants and their ‘flawed’ models when bankers misused the models and deluded themselves about the risks.
The history of the financial crisis is being written not by the victors, if anybody fits that description, but by the perpetrators. Not that they are doing the work of writing the history themselves. Rather, they are employing as unwitting ghostwriters the pundits who blame it all on the quants.
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