How can we stop financial fraudsters without coordination between countries? Brian Mahany has an “interesting take” on this question.
Question: What’s worse than a brain freeze from a 7-11 slurpee?
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:
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?