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Quote of the day

If an individual has a calm state of mind, that person's attitudes and views will be calm and tranquil even in the presence of great agitation.

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John Thain

To model correctly one tranche of one CDO took about three hours on one of the fastest computers in the United States. There is no chance that pretty much anybody understood what they were doing with these securities. Creating things that you don't understand is really not a good idea no matter who owns it.