I’m amazed at how clueless people claim to be when the piper finally takes its toll, as though risk assessment practices went unchallenged in days gone by. The truth of the matter is that many forewarned of the problems recently witnessed in the economy.I can personally point to an article I wrote titled “Risk evaluation: Just who is minding the store?” that appeared in Accounting Today (Aug. 23-Sept. 5, 1999, page 16). Among its admonitions is “that all market participants need to be assessing risks, rather than presuming the risks have been effectively shifted.”


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