LETTERS

Regarding the story “Dropping the (crystal) ball: This crisis duped them all,” Dec. 31:

So the masters of the universe are exposed as fools or frauds. No surprise. This is the quality of leadership that inevitably seeps to the top in the type of parasitic superstructure that currently misguides or economy.

Gilbert Dewart

Pasadena

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I find it hard to believe that these most knowledgeable icons of the industry were so overwhelmed with incontestable facts that they had absolutely no idea what was coming.

They were reporting to the press: “We are closer to the end than the beginning,” “I believe we have turned the corner,” “Now is the time to buy government bonds,” “Given our view of things, we do not expect to cut dividends, nor do we expect to have to raise capital” and “The banking system has been stabilized, I believe that very strongly.”

These, and other statements by these individuals, caused me to stay in the market at the time when most professionals were leaving.

I believe these persons pulled the wool over the eyes of the novice investor, who believed the propaganda they were spewing.

If someone is planning to file a class-action suit against any of these executives, I am ready to sign up.

Elmer A. Omohundro Jr.

Diamond Bar