12/29/07
The Quinns spent the night of Christmas Eve in a Hyatt hotel. We normally wouldn’t stay at such a swanky place, but we got a great deal and the local Hampton Inn doesn’t have a pool. As is our Christmas morning tradition, we took a swim with the kids. In order to leave the pool, we had to walk through an adjoining workout facility.
I noticed a small sign in the workout facility telling fitness aficionados that Garmin Forerunner navigational devices were available at the front desk for guests who wished to take a run around the neighborhood. Hmm…
Here we were in a Hyatt, the type of place frequented by upscale, Wall Street types. That Hyatt was offering a navigational device to their guests who spent time in the fitness facility and who liked it run, a place and an activity also favored by young Wall Street wunderkinds. The first thought that came to my mind was that the Wall Street geniuses who revolutionized the mortgage market by carefully calibrating and controlling the risks of every tranche in the CDOs they created could not find their way back to their hotel (the most prominent building within long eyeshot, by the way) when jogging without the aid of a navigational device.
This “mortgage crisis” could turn out to be worse than even I thought!
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