Climate Risks: Lessons From The Financial Crisis

By Robin Hahnel
Among the many talking points that Wall Street emphasized in its successful efforts to de-regulate the financial industry over the past three decades was that it was more sophisticated now than it was back in the 1920s - it knew how to manage risk. The mantra that financial firms were doing a better job managing risk was no doubt a comforting thought for politicians from both major political parties who voted repeatedly to dismantle old regulations and permit new, unregulated financial firms to grow and dominate the industry.

Unfortunately for the rest of us, events have proved otherwise. The financial industry was not quite as sophisticated as it thought.
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