(Paul Wilmott) "In my view the main reason why quantitative finance is in a mess is because of complexity and obscurity. Quants are making their models increasingly complicated, in the belief that they are making improvements..."
Forbes.com - 20081008 - Don't Blame The Quants (Steven Shreve) - "When a bridge collapses, no one demands the abolition of civil engineering.", "There are very good reasons for the existence of derivative securities -- and even mortgage-backed securities, the root of our present problems."
Wilmott - Blog - Emanuel Derman - 2008/02/26 - Painted Black = "I'm a little tired of reading what a travesty Black-Scholes is. First of all, the real trouble isn't Black-Scholes, it's geometric Brownian motion..."
BusinessWeek - 2008/10/18 - The Financial Crisis Blame Game = "... [investment banks and corporations] broke a cardinal rule: 'Never borrow short to lend or invest long.' "
Wilmott - Blog - Emanuel Derman - 2008/10/20 - A speech by Leo Melamed, reproduced here with his permission = "...America will lose its most precious asset, the ability to innovate.", "where in stark contrast to the turmoil of recent events, the market system operated flawlessly."