Banks are ready to sign onto Ponzi schemes?
Finance, ponzi, Scam December 30th, 2008Not one of his mega-bank clients, we’re asked to believe, required Madoff to produce the strict audit that would be routinely undertaken for any business investments of similar size. This notion itself is preposterous, as anyone who ever worked at a bank will attest. We must therefore conclude that, at their
highest levels, banks are ready to sign onto Ponzi schemes–or whatever –just as long as they remain right-side-up. From the perspective of trusteeship, that is not an encouraging thought.
Personal Finance Info Bernard L Mandoff
