Monday, December 22, 2008

corporate sociopathy and its political champions

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Gary Younge is a bit if a legend for penning this. It really nails the ideology of free-market capitalism to the wall.


"As for Madoff, if the Securities and Exchange Commission, the financial services watchdog, had been doing its job, it could have prevented him from committing this crime. But if he had done it by the book, an analogous situation could have occurred that would have left his investors almost as broke. His fraud was exposed after some investors sought to withdraw more capital than he could produce. That is essentially the same as the bank runs we have seen over the last few months. But while Madoff is under house arrest, the bankers are about to reap huge bonuses."

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