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  • The Nuremberg defence then - everyone else was doing it so I had to.

    It's very easy to see perfectly what was going to happen in hindsight. People were worried last summer, but nobody was entirely sure what would happen or how bad it could get, and a lot of people honestly believed that any fallout would be containable (including Mr Prince).

    18 months ago I went out for a drink with a friend who had just started at Investec and I remember him saying the US mortgage market was going to fuck things up for everyone for years and it was just a matter of when.

    I imagine that your friend, like a good few people I knew, wasn't senior enough to do anything about it and so just kept on doing as best a job he could.

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