Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat… — Michael Lewis
Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners but Icelandic banks, with a billion dollars in new assets.
p. 17Source: Wikiquote · CC BY-SA 4.0
