Great engineers used to build things
Bank of Ireland Governor Patrick Honohan made a speech today and touted financial engineering as the answer to Greece's woes. He touted GDP-linked bonds as an example.
100-year ago the smartest people in the world were people like Henry Ford who engineered new ways to build things. He became the best-known executive in the world.
Today the brightest minds spend their time trying to design derivatives.
The best-known executives are financial engineers who can find a way to borrow for three basis points less, buyback the shares and pay everyone in the boardroom a bonus.
