In the Boulder edition of Craigslist last week was an ad for an actor with the capacity to withstand physical pain. Why would an actor need to withstand pain in a role? Because this actor will be portraying an investment banker. If that’s not enough to bring the wrath of the audience on the actor, there will also be paint guns – fully loaded and aimed at the actor. The actor will have protective gear of course (which is more than the investment bankers from the major banks living on life-support right now had given to those of us now holding incredibly shrinking 401-Ks) but in this art performance piece is sure to take on some of the overflowing anger we feel at our shrinking economy. How did common sense fail the executives of some of our biggest companies? How could they not see the folly in insuring your own losses, in attaching derivatives and poor mortgage risks and over-leveraged assets to their books without any plan for risk control when the cycle trended down?...
by doug smith