There is a great movie about the 2001 Enron collapse called “The Smartest Guys in the Room,” and of course the story is about how greedy, blind and stupid they were. I’m sure many Wall Streeters also consider themselves the smartest, and we are seeing how blind and stupid they were . Here’s another quote from today’s NYT from one of them:
“Almost no one expected what was coming. It’s not fair to blame us for not predicting the unthinkable.“— Daniel H. Mudd, former chief executive, Fannie Mae
Unbelievable. Dunce cap for Mr. Mudd.