Think It's Time for Change?
Wall Street financier Bernard Madoff has just been accused of orchestrating a $50 billion fraud. The 70 year old Madoff is currently under house arrest, soon to be fitted with an electronic ankle bracelet. Today he and his wife Ruth agreed to forfeit their $7 million Manhattan apartment and properties in Montauk, NY and Palm Beach, FL if they fail to meet the conditions of their bail. US Securities and Exchange Commission Chairman Christopher Cox apologized for the agency's lack of oversight of Madoff's investment advisory firm. Apology is fine, but we're more interested in prevention. Madoff is a former Chairman of the NASDAQ Stock Exchange.
How much corruption in high places, in business and government, in banking and financial advisory establishments, has been concealed from public scrutiny? How do you cover up a $50 billion fraud? I guess we're going to find out. The realm of high finance and complex business deals has avoided transparency and scrutiny for far too long. Now the vital question is what are we going to do about it? How are we going to rewrite government regulations? How are we going to keep business and government leaders, bankers and lawyers, from living above the law, cheating the system, abusing power, and exploiting the weak? Stay tuned.
For more on this story, go to:
http://www.straitstimes.com/Breaking+News/Money/Story/STIStory_315774.html
How much corruption in high places, in business and government, in banking and financial advisory establishments, has been concealed from public scrutiny? How do you cover up a $50 billion fraud? I guess we're going to find out. The realm of high finance and complex business deals has avoided transparency and scrutiny for far too long. Now the vital question is what are we going to do about it? How are we going to rewrite government regulations? How are we going to keep business and government leaders, bankers and lawyers, from living above the law, cheating the system, abusing power, and exploiting the weak? Stay tuned.
For more on this story, go to:
http://www.straitstimes.com/Breaking+News/Money/Story/STIStory_315774.html
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