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Author of ‘The Number That Killed Us’ Explains what Really Caused the Great Recession
Date: 12-31-2011   Visits: 1210

 What if I told you that the true culprit behind the 2007-2008 credit crisis and, indirectly, the current Euro crisis was a mathematical model known as Value at Risk? And what if I told you that VaR, present in the markets for more than two decades, had caused trouble before and that its obvious structural deficiencies were amply known? And that none of those things stopped bankers and regulators from continuing to embrace the model?

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