The Monster That Ate Wall Street

The Newsweek article from October 13th, 2008, titled The Monster That Ate Wall Street by Matthew Philips takes a look at how the credit default swap (CDS) became the hot financial instrument.

It's interesting to read how a good idea when poorly implemented can lead to such enormous problems. One of the panelist's at the SAP World Tour event made the parallel comment - and to paraphrase: "My experience from my time with venture capital taught me an average idea backed by a superb management team has more change of success than a superb idea backed by an average management team".

Having worked at JPMorgan in their Sydney office for the firms statistical average of 2.4 years in 1996-1998, I'm finding it interesting to see how much a role the firm has been playing in helping to create and clean up the mess. I'm finding myself missing being in the middle of these sorts of events... although I'm sure those in the eye of the storm would happily trade positions.

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posted by Lee Gale @ 7:31 AM,

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