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...disrepute, and they didn't worry about risk, which had supposedly been magically whisked away by all sorts of spiffy nouveau products - derivatives like credit-default swaps. (More on those later.) This lack of fear became a hothouse of greed and ignorance on Wall Street - and on Main Street as well. When greed exceeds fear, trouble follows. Wall Street has always been a greedy place and every decade or so it suffers a blow resulting in a bout of hand-wringing and regret, which always seems to be quickly forgotten...
...like Lehman, was ultimately done in by credit-rating agencies, of all things. The main credit raters - Moody's and Standard & Poor's - had blithely assigned top-drawer AAA and AA ratings to all sorts of hinky mortgage securities and other financial esoterica without understanding the risks involved. Would you know how to rate a collateralized loan obligation? Or commercial-mortgage-backed securities? Sophisticated investors took Moody's and S&P's word for it, and it turned out that the agencies didn't know what they were doing. Credit raters, who claim to offer only opinions, are party...
...best at the worst in politics? Like squabbling children, each campaign seeks to justify its behavior by pointing fingers and insisting that the other team lied first. But in the main, McCain has been far quicker to throw the truth overboard--both in advertisements and on the stump. There are so many charges and countercharges about who distorted things first that we decided to spread the highest profile allegations, good and bad, across a grid measuring both accuracy and substance so you can be the judge...
...European models that I woke up super early to go to the Victoria's Secret show. Which, it turned out, was actually just a PowerPoint presentation by its CEO. It was like waking up for Christmas and discovering it's CEO PowerPoint Day. I did, however, learn that the main thing Victoria's Secret looks for in a new "supermodel" is "confidence," followed by "the ability to give back to the community." I'm guessing No. 3 is a tie between a huge heart and a working knowledge of constitutional...
...judge, jury, executioner, and the man on trial for indecent exposure. While the magazine contains a (fully-clothed) interview with a recent graduate named Fiona, a slightly outdated “look ahead” at summer blockbusters like The Dark Knight, and other such scintillating tidbits, the main attraction is a set of photos of di Pasquale posing nude at various locations around the Charles River, sometimes with his skateboard in tow. This charming tableau au naturel is complemented by an interview with di Pasquale conducted by (who else?) Matt di Pasquale. In response to his own probing questions...