Richard Bookstaber, author of "A Demon of Our Design: Markets, Hedge Funds and the Perils of Financial Innovation," has joined Ray Dalio's Bridgewater Associates.
It's a meeting of like minds. Both Bookstaber and Dalio were insider critics of Wall Street's credit bubble long before it was fashionable, even in the world of high finance. Bookstaber has focused on financial innovation, arguing that technology has created more risk and pointing at such developments as credit derivatives with alarm. Dalio's "Daily Observations," a daily analysis of market conditions distributed to clients by e-mail, were lambasting lax credit standards a year before