Chris Patten wrote* this:
"... it is surely laughable when the highest awards are showered on those who promote the most gimcrack schemes to make themselves rich, at least for a while. The geniuses who invented the pyramid of derivatives at Long-Term Capital Management were awarded the Nobel Prize for their cleverness, not long before the whole edifice came crashing down with the financial community digging deep into its pockets to pre-vent too much collateral damage. To every excess, there comes a reaction."
Does somebody know the background of that citation? The maths finance faculty of Oxford University still trains Black-Scholes computations, "gimcrack schemes".
* Reference:
Chris Patten, Baron of Barnes, Chancellor of Oxford University, last Governor of Hong Kong, EU Commissioner: "Not Quite the DIPLOMAT, Home Truths about World Affairs", Allen Lane/Penguin Books © Chris Patten, Nov. 2005, p. 218
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