More Rot On Wall Street

A couple of days ago I published a post about the seeming lack of ethics in this country. It was spurred by the misdeeds of the Governor of Illinois but represented some ideas I had been kicking around in my head. 

After I wrote it, I thought it might have been a bit too sanctimonious but I reluctantly left it up. Today it was reported that Bernard Madoff, a fixture on Wall Street, a former Chairman of the Nasdaq stock market, a prominent market-maker and the owner of an investment-advisory business that managed money for high-net worth individuals and hedge funds is nothing but a common thief. Mr. Madoff allegedly perpetrated a Ponzi scheme that may have swindled his clients out of as much as $50 billion.

Paul Kedrosky put it best. He said, “This is the sort of thing that makes you wonder what is real anymore in markets, and what isn’t.” Indeed, how deep is the rot and if the rich and powerful are being taken for this kind of a ride how in the world is the small investor expected to cope.

I have lots of ideas about this and will probably advance a few over the next several weeks. For now, it would seem to me that we have a lot to worry about after this economy gets back on its feet.


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