…and I feel fine

Yesterday in the New York Times, Michael Lewis and David Einhorn wrote an Op-Ed entitled “The End of the Financial World as We Know It.”

They talk about how most of the economists in the world were taught in the US and that several companies knew of Madoff before he was exposed as running the largest Ponzi scheme ever. Some of the people who worked to expose him knew of his scheme years before he was finally exposed.

“Rather than expose financial risk, [large investment banks] systematically disguised it.”

I’m reading this article and I can’t believe some of the practices that have been going on in Wall Street. From the looks of things, the SEC fell asleep at the wheel sometime after 1988.

NYT Op-Ed

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