32thorium

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    Posted 2008-04-21 00:58:19 on In Other News, Citi Plans to Rename Its Quarterly Conference Call With Analysts to ‘Lil’ Vik’s Happy Talk’

    Now that information overload has made most people's memory span shorter than that of sparrows, it won't be long before this whole subprime debacle has faded from our collective consciousness so thoroughly as though it had never happened. In a few months the reputations of bankers, whether Swiss, American, British or whatever, will have been restored to their pre-subprime levels, that is, they'll be seen again as mythical titans possessing infallible savvy in all things financial and deserving their multimillion dollar paycheques enhanced by fat bonuses that most of us can only drool over. Until the next screwup materializes somewhere with attendant writedowns and trips to the brink and eleventh-hour rescue by the Fed. Will we ever learn?