Most of us view the world as more benign than it really is, our own attributes as more favorable than they truly are, and the goals we adopt as more achievable than they are likely to be. We also tend to exaggerate our ability to forecast the future, which fosters overconfidence.
Three Mile Island, Chernobyl, Fukushima. First the accident, then the predictable allegations in the postmortem: The design was flawed. Inspections were inadequate. Lines of defense crumbled, and reliable backups proved unreliable. Planners lacked the imagination or willpower to prepare for the worst.
JPMorgan Chase & Co., Bank of America Corp. and three other U.S. mortgage servicers are in advanced talks to resolve state and federal claims over faulty foreclosures, according to two people briefed on the matter.
The U.S. Securities and Exchange Commission is in the “very early stages” of reviewing rules on trading of shares in closely held firms such as Facebook Inc. and Twitter Inc., Chairman Mary Schapiro said April 8.