Tuesday, January 13, 2009

Capitalism's Lost Luster II

The falling "house of cards" that is our financial system is flushing out those who have apparently been a little less than honest. Maddoff has been followed by Satyam Computer Services, then there are the suicides of Rene-Thierry Magon de la Villehuche and Adolf Merckle. Now Damien Cave of the New York Times reports: "Pilot Fakes Distress and Flees Before Crash". The NY Times writes: "A financial adviser from Indiana disappeared into the Alabama woods early Monday after faking a distress call and parachuting from a small plane that crashed in Florida. ... A Maryland court recently issued a judgment of more than $500,000 against one of three Indiana companies registered in his name — and all three are being investigated for securities fraud by the Indiana Secretary of State’s Office, a spokesman, Jim Gavin, said."

I have no idea whether this recent example is a big or little incident. But it is one more demonstration of the ethical decline in capitalism. Clearly there is a need for reflection that capitalism should not be about unbridled greed. Sadly, I suspect that we will continue to see even more stories as time progresses.

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