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As a counterpoint theprestige, neither did Madoff.
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<p>Are you suggesting I am running a ponzi scheme? ;)</p>
<p>Rest assured we have very strict checks and balances, auditors, lawyers and prime brokers who have been very active lately -- and our fund has been given a clean bill of health.</p>
<p>They said the same thing about Enron, too, before it went under.</p>
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They said the same thing about Enron, too, before it went under.
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<p>Thanks for the "concern". Are you looking to invest >$1m and are you a qualified purchaser? I thought not.</p>
<p>Just saying, Madoff's company was given a clean bill of health before the whole thing blew up too. The public's trust of wall street's been lost forever. Don't expect anyone to trust MBA's for a long time.</p>
<p>And what if I was? I don't trust American MBA's farther than I can throw them. You don't know my financial situation, so **** off.</p>
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Just saying, Madoff's company was given a clean bill of health before the whole thing blew up too.
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<p>No, there were plenty of people questioning Madoff's ability to deliver those rates of returns at such a consistent rate (including the original whistle blower whose warnings went unheeded for years) -- so that is factually incorrect. </p>
<p>Madoff</a> whistleblower went unheeded for years - U.S. business- msnbc.com</p>
<p>Thanks for playing along though -- you seem way over your head btw, perhaps you should go play in the shallow end for a bit before you step up to the deeper end. </p>
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You don't know my financial situation, so **** off.
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<p>spoken like a true futureNYUstudent. you'll fit right in.</p>
<p>Yeah, well, who blew the whistle before this whole subprime mortgage thing crashed? :rolleyes:</p>
<p>Just because the government made easy money readily available doesn't mean you have to take it. All wall street does is skim off the top when the going is good and then run away to their tax shelters when the going is bad. And its usually wall street that runs the economy into the ground. </p>
<p>I say let 'em all fail. If your fund is as healthy as you say it is, it'll survive, bailout or not.</p>
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Well that explains quite a lot. I doubt you'd be condemning all MBA students as beer guzzling idiots if you had spent a considerable time at Stanford, HBS, Wharton, etc. Seems to me you are basing some very broad conclusions based on a rather narrow sample group. Perhaps you might just stick to saying that U of R MBA students YOU met were beer guzzling idiots - by even then Id be willingto bet they are way smarter than you.
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<p>I highly doubt that, being that I was only 19 and they were all 23+ id say they may have had something on me. Thogh now in reflection as a graduate student in economics at a top 10 U, id say that those guys were complete idiots. Business people in general are all pretty dumb, all ya have to do is spend some time around them to know for sure. Its no surprise that undergrad business students are about the dumbest people on undergraduate campuses, theres a reason why so many of them start off in the sciences trying to be doctors and engineers and then they transfer to measly business. </p>
<p>I'm quite sick of the high praise for MBA students, the curriculum is not hard. At my school graduate economics students can take graduate level finance courses to meet some basic requirements. I have taken 3 of these classes and so do a lot of other grad econ majors. The reason, they are a joke compared to the real economics classes. </p>
<p>I have a undergrad in CS and even a 200 level CS class is incredibly more intense than one of these 3 classes Ive taken. Like I said I go to a top 10 grad school, which I wont mention. Im kind of sick of the praise for mba students. get over it.</p>
<p>^ economist. of course, that explains a lot. how ironic that you would point the finger at MBAs when the start of this financial mess began with economists at the Fed.</p>
<p>Also this constant need to put down MBAs indicates a deeper level of either anger or resentment? What happened? Did an MBA beat you up and steal your girlfriend? Get over it.</p>
<p>and why do you keep saying referring to "Top 10 U"? Afraid to say? CC has proven that there are at least a dozen iterations of what "Top 10" is outside of HYPSM -- which you clearly are not attending, otherwise you would have said so.</p>
<p>I know a good bit about economics and the Fed is not to blame for our problems. They are only doing what one would expect a leviathan to do if kept unrestrained. </p>
<p>The blame goes to every American citizen whom allowed obscene govt intervention over the past 20 years. </p>
<p>I'm not afraid to say it, I just don't see a need to. I have nothing against MBA students, except that they tend to have a lower level of mental ability than the rest. </p>
<p>Five</a> Harvard MBAs who wrecked the global economy - BloggingStocks</p>
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I know a good bit about economics and the Fed is not to blame for our problems.
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<p><em>laughs</em>, as if you are some kind of authority on the topic? </p>
<p>economists are completely useless. their heads are filled with all of this abstract textbook knowledge and can never put it to any meaningful use. they are always coming to conclusions AFTER the fact. their predictions are all over the map. they are hired by governments and companies and they are consistently wrong all the time! </p>
<p>you know what? i've got it!</p>
<p>economists are the "weathermen" of finance:</p>
<p>1) they get absolutely zero respect
2) they never get anything right
3) they never get laid</p>
<p>oh, and btw, i'd post a dozen articles about how the Fed is responsible for this current financial mess, but I figure most people here know how to use Google.</p>
<p>I don't necessarily consider myself a respected authority on the subject matter, but a authority none the less. </p>
<p>You say economists are useless, but when the finance people screw up who do they go running to? When the economy is **** due to the fiat currency, who do they go running to? yeah im sure they are completely useless. I don't know what world you live in but economists try to map future outcomes of political and economic decisions. That to be doesn't seem like "AFTER the fact". Economists advise and politicians and business weigh their options and choose what they feel is best. Do you seriously think the problems we have now really went unnoticed? Well if you do then your wrong. Economists have been predicting this since the days of Clinton if not before and the politicians continued to push for more regulation and inflation. Both were choices which had consequences and those who made those decisions were warned.</p>
<p>If economists aren't that important then why are they a group of them the most powerful people in the world. Maybe you just don't realize how much power those economists at the Fed have. If you consider controlling the world and having the world step to your beat a bad thing, they your an idiot. Yeah they are kind of like weather man. When the weatherman say its going to rain people carry an umbrella. When the economists say what they want, they do so and people listen and they gain from it. Its the economists and there board whom are getting richer and richer day by day. The amount of capital they have is so much greater than anybody can even realize. The people are the top of Forbes richest people don't even come close to these powerhouses. </p>
<p>Id like you to tell me how having a nation borrowing a currency at interest of over 40 Million per hour is a bad thing. Please show me an average finance person who makes money like that.</p>
<p>I tend to look at the root of a problem as its cause. Some dont, I take that you dont. Its kind of like putting a goat and a tiger in the same pen. Well you have to expect the tiger to eat the goat, but can you blame the tiger no, you really cant. The root of the problem is who controlled the animals in the first place. So if the goat was never put in the same cage as the tiger, it probably wouldn't have been eaten. </p>
<p>The American citizenry didn't control the tiger and it did what it was only expected to do, as all central banks are feared to do. So we go to the root of the problem, and if the Fed was limited, the problem wouldn't have occurred.</p>
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I don't know what world you live in but economists try to map future outcomes of political and economic decisions
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<p>Yeah you steered the ship right into an iceberg -- Congratulations for causing the financial meltdown -- you should be very proud. </p>
<p>Poor Goat, we should round up all of the economists and give them to the Tiger.</p>
<p>It doesn't matter to the Fed though because they run the show, they already have done what they needed to do. Bow all they need to do is put on a good face and get ready to do it again in some years.</p>
<p>Economic Recovery: What the Economists Say
Harvard's Rogoff says economists deserve a portion of the blame for this crisis</p>
<p>Economic</a> Recovery: What the Economists Say - BusinessWeek</p>
<p>Seems somebody doesn't know how to read.</p>
<p>Harvard's Rogoff: "Economists deserve a portion of the blame for this crisis..."</p>
<p>what else do you need to read?</p>
<p>Seems somebody doesn't know how to read.</p>
<p>Don't feel bad, you can always learn.</p>
<p>How can we be in so much trouble?
Our money is backed by "prudent men making prudent decisions" and the "full faith and credit of the United States government".</p>
<p>Foreign nations should be eagar to give us hard goods for the stuff. And if they want more we can print more. (Actually the Fed just makes the stuff appear as computer file entries. They don't even have the expense of printing.)</p>
<p>I am amazed the scam worked as long as it did.</p>
<p>I think you guys misread the article. The author simply pointed out that there are too many Keynesians in Obama's cabinet. Thus, there is some concern about "group think." There is nothing inherently wrong with the Ivy League. </p>
<p>It does parallel Wall Street in that too many in finance relied on Modern Portfolio Theory and VaR analysis. Nassim Taleb is awfully critical of MBAs for this reason, and he's a Wharton grad. I don't see how that makes him a hypocrite; rather, he made one the best calls of the century. His fund has preformed incredibly well with all the recent volatility, so it's not jealousy on his part. He's making money while the dumb MBA's are getting canned. </p>
<p>BTW, the_prestige's online persona reinforces just about every negative MBA stereotype imaginable.</p>