Mark Baum: I got to stand for this. [Takes the microphone and stands] Okay, hi. My firm's thesis is pretty simple. Wall Street took a good idea, Lewis Ranieri's mortgage bond, and turned it into an atomic bomb of fraud and stupidity that's on its way to decimating the world economy.
Bruce Miller: How do you really feel? [Crowd laughs]
Mark Baum: I'm glad you still have a sense of humor; I wouldn't if I were you. Now, anyone who knows me knows that I have no problem telling someone they're wrong. But for the first time in my life it's not something that's so enjoyable. We live in an era of fraud in America. Not just in banking, but in government, education, religion, food, even baseball. What bothers me isn't that fraud is not nice or that fraud is mean. It's that, for 15,000 years, fraud and short-sighted thinking have never, ever worked. Not once. Eventually, people get caught, things go south. When the hell did we forget all that? I thought we were better than this, I really did. And the fact that we're not doesn't make me feel alright and superior. It makes me feel...sad. And as much fun as it is to watch pompous, dumb Wall Streeters be wildly wrong –[To Miller] and you are wrong, sir – I just know, that at the end of the day, average people are going to be the ones that are going to have to pay for all this. Because they always, always do.
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