This is my favorite quote of the morning about what the bankers did this weekend:
“I’ve been on Wall Street for many years, and I’ve never seen a weekend like this one,” said Michael Holland, 64, chairman and founder of New York-based Holland & Co. “We are unwinding what has been years of silliness in the financial markets, and the silliness is being vaporized as we speak, unfortunately with the stock price of a number of companies involved in it.”
Oh, you frivolous fellows with your silly option-ARMs and silly derivatives and silly off-the-books assets and silly securitized mortgages. No more funny hats for you. Consider all funny hats atomized.