Author: Eddy Elfenbein
Publications: Crossing Wall Street
Date Publiched: 17 August 2012
For those of you who never got around to taking ancient Greek in college, the word of the day is hubris.
Webster’s dictionary, 8th ed.: “Excessive pride or self-confidence, often entailing a loss of contact with reality and an overestimation of one’s own capabilities, especially on the part of those in positions of power.”
That pretty much sums up the psychology behind the ongoing debacle that is Peregrine Financial, whose founder and CEO, Russell Wasendorf, Sr., was indicted in Cedar Rapids, Iowa, on Monday on 31 counts of lying to U.S. financial regulators.