The revelation that Bernard Madoff — brilliant investor (or so almost everyone thought), philanthropist, pillar of the community — was a phony has shocked the world, and understandably so. The scale of his alleged $50 billion Ponzi scheme is hard to comprehend.
Yet surely I’m not the only person to ask the obvious question: How different, really, is Mr. Madoff’s tale from the story of the investment industry as a whole?...
[ An opinion, to be sure, but one that is widely shared.. MN ]
Full article at: http://www.nytimes.com/2008/12/19/opinion/19krugman.html?th&emc=th
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