QuoteOriginally posted by: GamalDevonFangs, how many quants work in model validation wordwide? Probably thousands. How many warnings did the industry get from MV about the infamous Gaussian copula before the crisis? Not a single one.And quite many people knew that the Gaussian copula was full of shit, I can show you the articles. I didn't price a single deal with the Gaussian copula, so my model validation was correct. But I was in FO then.No MV unit did validate the Gaussian copula correctly, ergo - MV doesn't validate models.Anyway, MV is a control functions: if it's done in a decent way it can add value, otherwise it's yet another layer to make regulators happy. I never said it gets anywhere close to the FO in terms of creativity and money and possibly careers perspective. To be honest, I'm sick of all this risk management BS too. But why do you feel like you need to say all the time how much you despise MV people, instead of keeping things in the right perspective. For example, I systematically save the desk some time by designing tests that prevent regulators from coming to ask questions directly to them. Very rarely I go to the quants and bust balls about how shitty their model is. In my view, it's a depressing win-win consistent with the current status of the financial industry.