Andrew Ross Sorkin The New York Times Media Group
International Herald Tribune
05-14-2008
Fund chief blames his peers for credit crisis
Byline: Andrew Ross Sorkin The New York Times Media Group
Edition: 4
Section: FINANCE/BUSINESS
NEW YORK --
Kenneth Griffin, who runs one of the biggest and most successful hedge fund firms, has a blunt assessment: "We, as an industry, dropped the ball."
The breakdown happened, Griffin contends, when big investment banks gambled away money and jobs during the late great credit boom. The bosses let all those young gung-ho traders take far too many risks, and now everyone is paying the price.
But the answer is simple, in his view. The entire industry needs to ...