It certainly was an exciting time to be working in financial services. Having passed my Series 7 exam in 1980 at a regional investment banking firm in Chicago, I joined Morgan Stanley in Chicago, August, 1982. It was an optimistic time in the industry. After transferring to Manhattan in 1984, I was wined and dined and entertained in big city fashion. There was lots of money to be spent, and it was spent by those making it on Wall Street. Twenty-three year old kids, just hired from MIT, ruled the trading floors. They were revered. It was the start of derivative and risk products becoming alternative investments and sold to Main St. investors. Many books have been written on these wild times, such as Liar's Poker, Barbarians at the Gate and the fictional The Bonfire of the Vanities to name the most iconic. I just have one question, why didn't any of these brains see this current financial debacle coming?
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