In Japan, where origami, the folding of paper into intricate animals and other shapes, is a national hobby, it is believed that someone who folds 1000 origami cranes will have her or his wish granted.
Brendan Moynihan, an editor-at-large at Bloomberg News, author of a new book about the recent (and he would say continuing) financial crisis titled Financial Origami: How the Wall Street Model Broke (Wiley & Sons, 2011), suggests that the Wall Street financial giants didn’t wait to fold 1000 cranes to get their wish. Instead, financial companies like Lehman Brothers, Bear Stearns, Goldman Sachs, Morgan Stanley, Merrill Lynch and Deutsche Bank twisted and folded the various securities and loan documents in their possession to create new securities designed to shift risk onto investors and increase profits and bonuses for themselves.
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