 The Wild Wild World of Wealth |
Yesterday, Goldman Sachs settled fraud charges associated with Abacus CDOs for $550 million. Not surprisingly, the settlement excluded Fabrice P. Tourre, who will no doubt be hung out to dry as the Tourre de Toxic winds to a close.
Personally, I think the government just got pimp-slapped. Here are five reasons why:
Inside Edition: “It’s been reported that Madoff said, ‘Screw the victims.’ What’s your response?”
Answer in chorus: “He already did.”
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The pending financial reform reminds me of a high-school science experiment where there are no constants. Where the scores of inputs are variable. Where no one knows what will crawl out of the regulatory petri dish. Wouldn’t it make more sense to focus on one core issue—like getting our exchanges right—before taking massive action across multiple fronts?
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Jimmy Cusack is the tough kid from a blue-collar neighborhood who made good on Wall Street. Well, almost. After a sterling start to his career, things have soured. His hedge fund has collapsed. The bank is foreclosing on his condominium. And his wife is three months pregnant. That’s the good news.
From Publisher's Weekly -
