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You've probably seen or read about the interview from last year in which Allen Stanford tells a sycophantic CNBC talking head that "it is fun being a billionaire".
But that same interview also features Stanford boasting -- with the interviewer's eager prompting -- about how, unlike so many other banks, his company was smart enough to "avoid the sub-prime debacle" because it couldn't assess the risk.
When you start packaging something with a lot of assets that are all mixed up, and you can't get your arms around what the real asset is, therefore what the risk is, we decided that whatever perceived there might be, we decided not to take that risk, because we didn't know what the risk really was and the perceived profits really became irrelevant.
If only all our bankers had showed the foresight and restraint of Sir Allen!