How Cultural Changes In Financial Industry Led To Current Problems
This is a link to a video interview of Satyajit Das who has spent his career in the financial industry. He argues that many of the problems in the industry were caused by a cultural shift. He describes the cultural shift and explains how it affected the industry. The influx of young MBA's with mathematical modeling tools led everyone to believe that risk could be eliminated. It turned out that the models increased confidence among practitioners, but they did not eliminate risk.