Bliss of ignorance
Klaus-Peter Müller, the president of the Association of German Banks, speaks up with some mea culpa:
“Bankers, Müller said, did not adequately understand these investments and relied too heavily on high-grade credit ratings from agencies that helped put together the products they themselves rated.
This ignorance of the risks extended to the top echelons of the banks. “Did I know in March of ‘04 that there was a U.S. subprime market” that was going to face serious problems in the next few years? he asked. “No, I didn’t have the slightest idea. I was a happy man then.” -