The Smartest People in the World

God save us from these smart people.  They would tell you that they mitigated their loss and that they did a great job keeping it to only $500 million or as their CFO was quoted,  "In evaluating our liquidity position, we wanted to get some stability and some safety."  Which is the over-diploma'ed way of saying, "Jesus H. Christ, we can't pay the bills if we get tagged for this!  Quick, buy our way the hell out of the deal!"

Herd mentality took them into the swaps in the first place as the article points out that Yale and Georgetown, among others, also got caught.

These smart people are running our financial markets, our government, our media and most of our businesses.  Smart is useless if it is not coupled with both common sense and integrity; without those two things it leads us to where we are now.