Many investment firms dealing in complex asset-backed securities did not have sufficient computing capacity to figure out the risks they were taking, as the global financial crisis unfolded, said the managing director and chief technology architect of Bank of America Merrill Lynch Monday.

"I would argue that regardless of the subprime disaster from a policy perspective, most of Wall Street did not have the compute power in place to calculate their real risk on this stuff,'' said Jeffrey M. Birnbaum, speaking at a late morning session of the 2010 High Performance Computing Conference at the Roosevelt Hotel. "Because it is just too enormous.''

Register or login for access to this item and much more

All Information Management content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access