Copulas in the wild
One of my professors does a lot of work with copulas, and today I was reading a poster presentation that he did where he cites this article, Recipe for Disaster: The Formula That Killed Wall Street. The author, Felix Salmon, talks about how the Gaussian copula formula brought down wall street. Judging solely by his title, it seems as if we should blame the formula, and only the formula, for the collapse of the financial markets, rather than the bankers who egregiously misused the formula. But writers love making black and white issues out of the grayest of circumstances.