Now, besides economic troubles, pirates, ineffectual band-aids, there’s massive fraud
Charles Ponzi was a piker
It seems almost unfathomable that the SEC was so inept at its job that they let Bernard Madoff run his scheme for decades. And, too, that his investors who continued to invest. The signs were there. The red flags are numerous. It would seem that any astute investor and competent regulator would have seen the signs. But apparently, nobody paid attention. The rule of thumb regarding possible fraudulent schemes has always been “if it’s sounds too good to be true, it probably isn’t.”
Speaking of ineffectual band-aids
The Treasury’s continued “fix du jour” plan marches on. Only $15 billion left before they have to go back to Congress for the other half of the $700 billion bailout fund. But that seems to be set aside for the automakers in a futile plan to “save the industry.” As I’ve said previously, it won’t. They will just come back for more.
But then, maybe a ray of hope
GM and Chrysler are again talking about a merger. Maybe they’ve finally realized that they’re running out of time and that the prospects for getting last minute unencumbered cash are dwindling. That’s good. The US auto industry needs a major reorganization in order to stay in business.
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