Wednesday, November 5, 2008

Right Out of "Atlas shrugged"

In Ayn Rand's masterwork, "Atlas Shrugged," the "banker with a heart" Eugene Lawson lost lots of money by letting his "Community National Bank" make loans to people who could not pay them back. He lost his job when the bank failed and soon was hired by the government to run the "Bureau of Economic Planning and National Resources." In the real world, Michael Alix headed the Risk Management department for Bear Stearns for two years until it failed, a victim of too many loans that could not be repaid. Now he is working for the Federal Reserve Bank of New York advising on bank supervision. Thanks for the tip from Objectivist Paul Hseih. (ABC News)

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