Tuesday, August 9, 2011

Quotation Of The Day: What I'm Reading Edition

I'm currently reading Michael Lewis's The Big Short:  Inside the Doomsday Machine, a book about some of the people who created conditions that led to the 2008 financial meltdown.

Lewis quotes Greg Lippman, a bond trader Deutsche Bank tasked with selling short some credit default swaps of mortgage securities.  Lippman says,
Senior management's job is to pay people. . . .They have four categories: happy, satisfied, dissatisfied, and disgusted.  If they hit happy, they've screwed up.  On the other the hand, they don't want you so disgusted you quit.  The sweet spot is somewhere between dissatisfied and disgusted.
The mouths of cynics may be better than the mouths of babes.

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