In Capitalism's Lost Luster II, I wrote how our falling "house of cards" that is our financial system is flushing out those who have apparently been a little less than honest. I concluded: "Sadly, I suspect that we will continue to see even more stories as time progresses." The New York Times has conveniently provided an update: "Troubled Times Bring Mini-Madoffs to Light".
In that article Leslie Wayne writes: "But the number of other people who have been caught running Ponzi schemes in recent weeks is adding up quickly, so much so that they have earned themselves a nickname: mini-Madoffs." I hope that you will have an opportunity to read the article.
More distressing news is reported on "TimesOnline" The article "Irish property tycoon commits suicide" discusses the suicide of property tycoon Patrick Rocca. Ian King wrote "There is speculation in Irish business and media circles today that Mr Rocca, who holidayed in Marbella and who bought a Sikorsky helicopter in November before upgrading to a Jet Ranger, may have lost a substantial sum in Anglo-Irish Bank — which was nationalised by the Irish Government late last week."
Capitalism, as a valid economic system, cannot exist if our corporate and polictical leaders lack moral ethics. The concept of self-responsibility implies that one will have self-control so as not to damage our social structure. John Thain is the current poster child of abuse. The Washington Post writes that Thain authorized bonuses that: "... were paid as Merrill was about to report a $15 billion fourth-quarter loss, and while Bank of America was seeking more federal funds to help it absorb the mounting losses at the New York-based investment bank. " Too bad our corporate and political leaders seem to be lagging.
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