The Authority Fallacy, Or The Quarles Quandary
In early September 2007, just a month after the eurodollar system broke and still weeks before the FOMC would finally see the need to do something, anything, private equity firm Carlyle Group added six new “senior investment professionals” intending on making investments in global banking and insurance. The timing was, well, suspect. Among those added to the firm was Randal [...]
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