"What should have been obvious to me was that there is a tremendous mismatch in skills between the SEC regulators and the people they are supposed to be regulating. The quants who create these financial products understand differential equations and nonnormal statist-ics; they program in languages the SEC doesn't speak; they run statistical packages the SEC doesn't even know exist. The quants are busy data mining with supercomputers while the SEC is still panning by hand. I suspect SEC attorneys like Grant Ward are probably well- intentioned. I'm sure they want to do a good job, but they never should have been put in their positions. Sending lawyers to oversee capital markets professionals is like sending chickens to chase foxes; it just doesn't work, because there's an unbridgeable skills gap between the two. It would be akin to asking me to argue a case in front of the Supreme Court."
"No One Would Listen: A True Financial Thriller"
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