Subprime not so bad after all

The much-discussed subprime crisis in the US has been absurdly over-hyped, according to one market commentator.

In a post on the Professional Risk Managers’ International Association’s website named ‘Subprime woes are actually great news’, Beaumont Vance, a senior enterprise risk manager at Sun Microsystems, said: “The hand-wringing over the subprime ‘meltdown’ is approaching [the] ‘theatre of the absurd’. The handwringing in the media is a prime example of where people go horribly wrong in their framing of risk management problems.”

Vance went on to say that the media’s focus on industry losses has led to

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