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Why Banks Failed the Stress Test
February 16, 2009
Andrew Haldane, the Bank of England's director for financial stability, gave a speech last week wherein he essentially blamed bank risk management shortcomings for both the explosive growth and cataclysmic collapse of the financial system. He feels that banks thought they had conquered risk with mathematical models, but the short sighted data underestimated the probability of the money market meltdown that followed the credit squeeze.
You can read the full text of Haldane's speech here.
