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Lawrence Summers (the former US Treasury secretary who experienced the transformation variously as academic, politician, university administrator and would-be central banker) described it thus: “In the last 30 years the field of investment banking had been transformed from a field that was dominated by people who were good at meeting clients at the 19th hole, to people who were good at solving very difficult mathematical problems that were involved in pricing derivative securities.” Professor Summers reported this shift with evident approval.
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