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How the Crisis Fooled BofA CFO Joe Price

Joe Price's biggest surprise has been seeing the financial crisis "blow through" the predictions of severity suggested by bankers' historical guideposts.

But Bank of America CFO Price in what seemed a rare mea culpa from a top bank finance executive acknowledged this morning that he and most other financial services industry officials had failed to foresee the economic meltdown because they relied on backward-looking models.

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