Friday, April 03, 2009

Quote of the Week

"By forcing Merrill Lynch to agree that its advice was corrupt, Eliot Spitzer helped the firm avoid saying something much more damning and much more true: that its advice on the direction of stock prices is useless. Always. By leading the firm to the conclusion that it had misled the American investor, Spitzer helped it to avoid the much more embarrassing conclusion that the American investor had misled Merrill Lynch."
- Michael Lewis, "In Defense of the Boom" (originally published October 27, 2002 in The New York Times Magazine, currently available on p.244 of Lewis's book Panic: The Story of Modern Financial Insanity)

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