Author: Felix Salmon
It was run by friends of the bankers and politicians who really matter. The men in charge were always careful to ensure that they frequented the technocrats’ inner circle in such places as Davos and Jackson Hole. That helped to give them something of a free ride during the boom years: the bank analysts and the US government didn’t ask the tough questions, had no incentive to be sceptical about an institution that was being so good to them.
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