higher education completely falling on its face!
"60 Minutes looked at one of the selling documents of such a security with Frank Partnoy, a former derivatives broker and corporate securities attorney, who now teaches law at the University of San Diego.
"It's hundreds and hundreds of pages of very small print, a lot of detail here," Partnoy explains.
Asked if he thinks anyone ever reads all this fine-print, Partnoy says, "I doubt many people read it."
These complex financial instruments were actually designed by mathematicians and physicists, who used algorithms and computer models to reconstitute the unreliable loans in a way that was supposed to eliminate most of the risk.
"Obviously they turned out to be wrong," Partnoy says.
Asked why, he says, "Because you can't model human behavior with math."
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