If Wall Street is to learn just one lesson from the Long-Term debacle, it should...

If Wall Street is to learn just one lesson from the Long-Term debacle, it should be that. The next time a Merton proposes an elegant model to manage risks and foretell odds, the next time a computer with a perfect memory of the past is said to quantify risks in the future, investors should run-and quickly-the other way. On Wall Street, though, few lessons remain learned.

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