May 17th, 2008
The Worst Is Over - Again
Investment banks might have CIPA.
Congenital Insensitivity to Pain with Anhidrosis, or CIPA, is a genetic condition that stops its subjects from feeling pain. In laymen’s terms, the subject’s body cannot communicate “pain” signals to his or her brain.
It’s an extremely rare phenomenon, afflicting only 17 people in the US. Yet, as rare as this condition is for individuals, investment banks seem to have it in spades.
In the last month, corporate heads at Goldman Sachs, Lehman Brothers, and Morgan Stanley have all come out saying, “the worst is over” for the financial crisis. As with CIPA, these corporate heads don’t seem to be receiving “pain” signals from their corporate bodies.