In The Media
Patten made as a politician as well as chancellor of the University of Oxford a remarkable comment on Myron Scholes and Robert Merton: ."... it is surely laughable when the highest awards are showered on those who promote the most gimcrack schemes to make themselves rich, at least for a while. The geniuses who invented the pyramid of derivatives at Long-Term Capital Management were awarded the Nobel Prize for their cleverness, not long before the whole edifice came crashing down with the financial community digging deep into its pockets to prevent too much collateral damage. To every excess, there comes a reaction."
Patten was interviewed about the rise of Thatcherism for the 2006 BBC TV documentary series Tory! Tory! Tory!.
Read more about this topic: Chris Patten
Famous quotes containing the word media:
“Today the discredit of words is very great. Most of the time the media transmit lies. In the face of an intolerable world, words appear to change very little. State power has become congenitally deaf, which is why—but the editorialists forget it—terrorists are reduced to bombs and hijacking.”
—John Berger (b. 1926)