Quote by: Myron Scholes

Most of the time, your risk management works. With a systemic event such as the recent shocks following the collapse of Lehman Brothers, obviously the risk-management system of any one bank appears, after the fact, to be incomplete. We ended up where banks couldn't liquidate their risk, and the system tended to freeze up.


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Author Bio


  • NameMyron Scholes
  • DescriptionCanadian economist
  • BornJuly 1, 1941
  • CountryCanada
  • ProfessionEconomist; Mathematician
  • AwardsNobel Memorial Prize In Economic Sciences