PROCESS VS. PRODUCT AND ISO-ISM: A Shaken Europe Looks for Bolder Fixes - WSJ.com
Q&A: You asked 'why' someone didn't think of the major differences between common currency countries before lending to them on similar terms?
Just for fun consider looking at what underlay the ideas of Basel II and III.
In other words, let rating agencies decide what is triple A paper (i.e. the worthless US subprime securities).
All you as a banker need to know (process) is that someone appropriate said 'triple A'. No more thinking, process trumps product.
(For more on process vs. product consider all of the so-called 'quality certifications' (ISO xxxx) rampant to supposedly assure 'quality' in goods or services procured. Again, it is all 'process' designed to insure quality.)
Such thinking is rampant and abjures the need for critical thinking at any level.
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