John At The Center

Nial Ferguson is also quoted as saying that the crisis was the result of stupidity by many.  I think its beyond naive to assume that players are not as rational as you think, and that greed might have been a motive in their actions.

“I was happy when Lehman went bust,” explaining how he had shorted the company and literally danced when he heard the news.

via Nassim Taleb: ‘I Was Happy Lehman Went Bust’ – DealBook Blog – NYTimes.com.