IBGYBG: The culture of smartness is what did in the financial system

The culture of smartness

by digby

This segment of "Up With Chris Hayes" with Karen Ho, author of Liquidated: An Ethnography of Wall Street examines the big question: why doesn't Wall Street care about killing their golden goose?" It's something that's befuddled me from the beginning of the financial crisis.

It turns out that it's at least partially attributable to completely skewed incentives that create an irresponsible belief system called IBGYBG: "I'll be gone, you'll be gone."

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Take the 15 minutes to listen to this whole thing. It's very informative. As Hayes says, IBGYBG is basically an incentive to looting.

"Lying cheating and stealing is a sign of my meritocratic abilities."