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Despite the slightly lower stock market, Wall Street had good news this week. Due to a lawsuit filed by the Madoff trustee seeking a refund of Madoff payouts, it was disclosed that the newly-departed general counsel for the SEC ruled on Madoff issues with the blessing of the Obama-appointed SEC chairwoman and the SEC ethics committee even though they knew he had received Madoff money through a recent inheritance. So Wall Street can be comforted to know that Washington regulators can still be relied upon to continue to follow capitalist ethical principles and protect monied self-interest behind closed doors. And now this announcement in the Wall St. Journal - Wall Street can go back to business as usual - it is still not a crime to be rapacious capitalists and carefully cheat people out of their investment money. This announcement is only newsworthy because now it is clear that Wall Street can do it on such a grand scale. Lehman Probe Stalls; Chance of No Charges http://online.wsj.com/article/SB10001424052748703597804576194871565429108.html Moral of the story: Dick Fuld, Lehman CEO, had Ernst & Young and Bernie Madoff had a two-bit accountant. You get what you pay for. Did Karl or Fred ever say that? Red Arnie ________________________________________________ Send list submissions to: Marxism@greenhouse.economics.utah.edu Set your options at: http://greenhouse.economics.utah.edu/mailman/options/marxism/archive%40mail-archive.com
