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Ig Nobel Economics Prize

Big Banks Receive Award For Their Part in Credit Crisis

It's the Ig Nobel prize time again! This time I truly laughed out loud when I read who the winners were for the economics category of the 2010 Ig Nobel Prize, a parody of the Nobel Prizes. In addition to silly research such as documenting bat fellatio and curing asthma with roller coaster rides, Wall Street firms were among the ranks of the duly acknowledged. Kudos went out to "the executives and directors of Goldman Sachs, AIG, Lehman Brothers, Bear Stearns, Merrill Lynch, and Magnetar" for their creative ways of investing that lead to the global economic downturn.

Maybe the companies execs were too modest about their part in the credit crisis, because they did not bother to show up or even decline the invitation. Ig Nobel research editor Marc Abrahams said, "We made a few attempts but soon realized it probably would not be possible. They never responded, not even with a 'No, thank you.'" Spoilsports!

Image Source: Getty
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vabeachbum vabeachbum 5 years
In my opinion, it's not just the lenders that are to blame... yes, they engaged in some unethical business practices and lent to people they shouldn't have. But I am a big believer in personal financial responsibility... it should be common sense that you can't afford a $500,000 house on a $30,000 a year salary. This crisis was also caused by personal overspending and over borrowing, not just by the big companies.
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