those who are putting society at risk are "no true statisticians", merely people using statistics either without understanding them, or in a self-serving manner. "The current subprime crisis did wonders to help me drill my point about the limits of statistically driven claims," he says.
Taleb, looking at the cataclysmic situation facing financial institutions today, points out that "the banking system, betting against Black Swans, has lost over 1 Trillion dollars (so far), more than was ever made in the history of banking".
It's time for that to change. I don't know how, exactly, other than to say out loud what needs to be said: Wall Street is a Ship of Fools, and I, for one, am sick and tired of bailing it out.
There's a book to be written about how to build a respect in an organization. My brief advice is, when you are asked the impossible, carefully consider every hard request already made of you. Does he ask the impossible every month? Every Monday? Does he follow up on his impossible requests or does he expect you to run with them? Have we ever successfully completed an impossible request? Is he there at 3am on Sunday morning with everyone else, looking like he hasn't shaved in a week?
I don't know how many impossible requests you get, but I do know that frequent impossible requests result in an erosion of respect and a decaying of credibility. And that means when the CEO is standing up in front of the troops asking them to perform magic all they're thinking is, "This crap again?"
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