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Bruce, good point on the Prediction Company. I was curious about why the
would be so public about their work , so I read the book. It was very
revealing. Wall St (mostly the big banks and Citicorp in particular) had
turned to these guys for a way out of the big hole they had dug
themselves into with shaky third world loans (Citicorp was sitting on a
total bill of 300 billion dollars in third world debt losses). Their so
called economic models were so far from reality and they were desperate
for a new solution. Doyne Farmer was giving a lecture and was approached
by Craig Heimark from O'Connor & Associates to come work with them.
O'Connor & Associates, apparently were also looking for new ideas That
was their first big break. Then UBS went on a buying spree and bought
O'Connor & Associates (and eventually Warburg Dillon Read). Now they were
in bed with the smartest and most successful derivative traders that
ever lived. And they had the massive capital resources of USB behind
them. With guys like O'Connor & Associates to hold your hand and USB to
fund you, how can you not be successful!!!! Without this their work
would still be collecting dust in old copies of obscure academic
journals.
Ron McEwan
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