<p>JHS,</p>
<p>Agree with LTCM and other boutique operations, but not at the major I banks. I’m sure you know the leadership at these funds came from other areas, and were most interested in interesting product that could be sold through the institutional sales forces, in order to get the syndication fees, markups and such. I think in these firms, the quants developed the product, but were not particularly behind the abuses (inadequate disclosure etc.), or the greed among the buyers. But heck, I’ve been an outsider for years. I could be wrong.</p>