[kp212]

What a joke. I can't believe someone would actually go out and say, "In a number of cases, however, these risk-management systems were totally inadequate in the face of the market tsunami that enveloped mortgage-backed securities after home prices began to drop in 2006. The storm carried away several firms, but others performed well despite the difficulties. It wasn't the bonuses that brought everything down; it was a combination of many things, some sloppy or foolish, and most far more important than bonus checks. " as a justification for the bonuses. *Guess he forgot the fact we bailed out Citi and AIG, I guess he forgot the fact we are on the hook for that, not the firms who had the so called," these risk-management systems were totally inadequate in the face of the market tsunami". The people that built these inadequate systems still for the most part have a job, and from what I read last month the bonuses are back.

Update - Just checked out his bio, Harvard MBA, career at Goldman Sachs, definitely not part of the boys club, riiight.