Tuesday, September 11, 2007

Rewarding the Lemons

Lately, this story from my younger days cross my mind often.
The Emperor Paul, of Russia, was so provoked by the awkwardness of an officer on review that he ordered him to resign at once and retire to his estate. “But he has no estate," the commander ventured. “Then give him one!" thundered the despot, whose word was law, and the man gained more by his blunders than he could have done by years of the most skillful service.

An involuntary smile came to my lips as I think of the ravage caused by subprime mortgage lenders and the liquidity infusion from central banks of US and Europe….

Rewarding the lemons?

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