Dec 03 2007
The Pains of Trusting the Crowd’s Conventional Wisdom
“I might not be able to pay our employees tomorrow. I am sure that those money managers who withdrew all their funds are feeling really smug right now, thinking they did the right thing. But it left the rest of us holding the bag.”
– Hal Wilson, CFO for Jefferson County Florida, in reference to his $850,000 payroll obligation and his inability to withdraw the necessary money from Florida’s teetering (and consequently closed) cash investment fund.
Musical chairs is like that.