Activity

Investment banking practices both promoted a surge of predatory lending to originate the loans and created a market to buy the bonds based on them. Bolstered by rising housing prices, low interest rates, and a new worldview of "refinancing" such that predatory and unsound loans could easily be refi…

At the end of the year that's how you tell who's doing the best job - who's made the most money for the firm. And that's also, then, how much money you will make in your bonus. And so when it's all judged on that, you get a skewed version of what life is like because then you judge everybody on h…

the bankers' cultural model of themselves as coeval and identified with the market

there are different valences and degrees of insecurity and market adherence

[...] He stressed the importance of the modern corporation as a social organization which serves the material and cultural needs of the people, and in this vein, "those endowed with the ability to lead these great organizations should begin to conceive of their remuneration partly in terms of the s…