Christmas naivety: Being economical with the truth

CHRISTMAS NAIVETY

It is over four years since the financial crisis began, and by now you would have thought we would understand all the factors that drove the building of and, since 2007, the destruction of the foundations of world economic growth.

Over the last few weeks the events have been analysed by a series of economic programmes on the BBC. Not surprisingly, many of the players, the mistakes, the events and the dramas were plain to see, especially with the benefit of hindsight. From a bondholder’s point of view, we knew companies could be opportunistic, rating agencies conflicted, and regulators under-resourced. These themes played out through the course of this week’s programmes. One programme, however, the Oscar winning Inside Job, brought to light my continued naivety with the help of some of their cleverly edited s...