Why the Models Failed

http://www.nytimes.com/2008/11/05/business/05risk.html?_r=3&ref=business&oref=slogin&oref=slogin&oref=slogin

“We’ve learned the hard way that the consequences can be catastrophic, even if statistically improbable,”

This goes back to my earlier post, we need to look at adding a human element to all risk based models.