Sunday, December 14, 2008

The Madoff story and trust in the market

In a normal time, discovering that a highly respected financier was running a $50 billion con would get quite a bit of attention.

These days, the story is almost a blip.

One thing in particular impressed my household...
Bernie Madoff: Wall Street titan who fell to earth | Business | The Guardian:

... Clients describe Madoff as pleasant and easygoing. He was chairman of the technology-focused Nasdaq exchange...
Technically, he was a former chairman, I haven't been able to find out when.

It's getting harder to reassure certain people that the entire American stock market isn't completely corrupt.
Update: This doesn't help.

... There are also warnings from lawyers that practices such as these are more likely to unravel during tricky market conditions. Steven Philippsohn, chairman of the Commercial Fraud Lawyers Association, said: "This is the tip of the iceberg."..
Update 12/18/08: Well, it's not a blip. No-one will remember this story in 10-15 years, but I must confess it's astounding enough that it does stand out.

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