There's a scene in Woody Allen's ''Hannah and Her Sisters'' in ...
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#1 Dec 28, 2008
"All he required of clients was that they not ask too many questions about how he worked his financial alchemy.
And in the best tradition of greed getting the better of people's judgment, most clients were more than happy to acquiesce."
That, my friends, is the root cause of the financial melt-down. Nothing more than simple greed, from the home-buyers, who wanted more than they could realistically afford, to the investors on the other side of the equation, demanding double digit returns on their investments, year after year.
Common sense was the first casualty of this crisis, long before the the house of cards came crashing down.
Rather than the lack of government oversight, it was simple greed, by people who were willing to look the other way, as long as they were getting what they wanted.
#2 Dec 28, 2008
Do the idiots at MC actually read these articles before slapping a title over it? This article is the same retread stuff we have been reading on countless other media outlets about Madoff for the last several days and has nothing to do with the sentencing of white collar criminals to country club like prisons.
#3 Dec 28, 2008
50 billion, the MC is a few days short of estimating the final cost. It isn't out yet but 50b isn't even worth reporting. It will be a lot more. Check on all your investments and annuity's and look for a connection to madoff.
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