Sunday, October 21, 2007

Ironic Quote of the Month? Year? Decade

Emerging markets are being favored in part because "financial innovations are less common in developing countries," said Heidemarie Wieczorek-Zeul, German economics minister, in remarks to the IMF/World Bank Development Committee.

A pretty pathetic indictment of 'financial innovations'.

Translation - it is easier to figure out what the risk is and quantify it in transparent, traditional models rather than the opaque and innovative financial instruments we are churning out like mad here.

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