Epstein Secrets

er than with non- financial agents. One key driver of this explosive intrasystem activity came from the growth in derivative markets. In 2002, when Warren Buffet first expressed his view that "derivatives are financial weapons of mass destruction"", markets—although booming— seemed remarkably stable. Their su

s' too big, connected or important to fail (Fig. 5). The collateral damage, to both the real economy and financial system, following the failure of Lehman Brothers in October 2008 is testimony to the force of such super-spreader dynamics. Protecting the financial system from future such events would require th

by the money printing rampage of the world's central banks is beginning to cool rapidly. What the old-ti=e Austrians called "malinvestment" and what Warren Buffet once referred=to as the "naked swimmers" exposed by a receding tide is now becoming all too appare=t and will get much worse before it gets better.

mon practice to make decisions that gooses the stock price prior to compensation review. Case in point: the top five executives of =ear Stearns and Lehman Brothers received more than $2 billion is stock options and cash compensati=n in the last two years including settlements when their companies collapsed:40=A

saved the insurer from bankruptcy, leading Warren Buffett to buy the company and call him “the Babe Ruth of

of U.S. imperialism. Died March 5 of cancer. John J. Byrne, 80. He led Geico Corp. from 1976 to 1985 and saved the insurer from bankruptcy, leading Warren Buffett to buy the company and call him “the Babe Ruth of insurance.” Died March 7 of prostate cancer. Michael P. Duffy, 54. As the head of JPMorgan’s Dalla

anaging director at Cantor Fitzgerald, he worked at Wasserstein Perella & Co., where he advised clients to sell Enron prior to its collapse, and at Lehman Brothers, where he warned colleagues in 2007 that the bank had taken on “far, far too much risk” by betting on the U.S. housing market. Died of an aneurysm o