"When it rains, you get wet." I use that expression with my sons if they complain about the weather turning bad. I found myself using the same words a few days ago while talking to an executive at a major Wall Street company. Aggressive bets on mortgage securities had forced the firm, like nearly all of its brethren, to write down billions of dollars. The executive was lamenting that her firm had quickly turned risk-averse, stung by its losses. It had ever-so-eagerly embraced bundled mortgages when they were throwing off huge profits.
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