Friends have been asking with increasing frequency why the biggest banks in the world are in such a sorry state of affairs. Was it because of a black swan? This refers to Hassim Taleb’s concept of an unlikely but not impossible catastrophe that no one ever seems to plan for, but that does not mean it does not exist.
Indeed, I have heard it quoted in a recent issue of Time that it is not just one black swan; it is a bunch of black swans that have hung out for a while and have since created this gigantic problem.
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