Far from expertly manipulating their firms’ books, many could not understand them.
Perhaps the clearest lesson is that big banks are as close as businesses can get to being unmanageable.
Bank of America’s assets are now ten times those of Exxon Mobil, America’s most valuable firm. A balance-sheet of $2.3 trillion is beyond the ken of mere mortals.
We know nothing about the rich and nothing of their skills.