That’s thought provoking question. Thomas Friedman gives his take on Madoff considering what is legal on Wall Street.
I have no sympathy for Madoff. But the fact is, his alleged Ponzi scheme was only slightly more outrageous than the “legal” scheme that Wall Street was running, fueled by cheap credit, low standards and high greed. What do you call giving a worker who makes only $14,000 a year a nothing-down and nothing-to-pay-for-two-years mortgage to buy a $750,000 home, and then bundling that mortgage with 100 others into bonds — which Moody’s or Standard & Poors rate AAA — and then selling them to banks and pension funds the world over? That is what our financial industry was doing. If that isn’t a pyramid scheme, what is?
And that’s on the business side of America. Let’s not get started on our politicians. With the most recent and outrageous one, Blagojevich, who has proven just how blatantly corrupt our political system has become.
“Aim for Answers”