Monday, September 15, 2008

How the Masters of the Universe ran amok and cost us the earth - The Scotsman

"Before he took up the top post at Lehman, he found himself in a Las Vegas casino when a bad gambler blew $4 million. The gambler was following a classic strategy: when the cards go against you, double up the bet, because eventually things are sure to turn your way. Fuld took notes on a cocktail napkin as the gambler imploded, reaching the conclusion that bad luck can always continue longer than seems reasonable. 'I don't care who you are,' he wrote later. 'You don't have enough capital.'

How prophetic that was to prove."

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