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:
“Few white citizens are acquainted with blacks other than those projected by the media and the so—called educational system, which is nothing more than a system of rewards and punishments based upon one’s ability to pledge loyalty oaths to Anglo culture. The media and the “educational system” are the prime sources of racism in the United States.”
—Ishmael Reed (b. 1938)