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No incentive for Wall Street
not to commit crimes
We keep beating this drum because it's easy to forget.
Lord knows the news media and the politicians have forgotten it.
But anyone interested in investing or planning for the future cannot afford to forget because there will be consequences for the breakdown of the rule of law as it applies to capital markets.
In a conversation I had with Professor Tamar Frankel SIX YEARS AGO on the breakdown the financial reporting system around Enron, World Com and other massive corporate frauds, she pointed out that corruption and fraud destroy economies and the US needed to clean up its act or face the inevitable negative consequences.
If you have any doubt about the effect systemic corruption has on an economy, take trip to Latin America to see this principle in action. You have a few parasitical elites ripping off the entire society and the mass of citizens - including hard working professionals and tradespeople - struggling and enduring an ever-decreasing standard of living so that the crooks at the top can feast.
Sounds a lot like the US today, doesn't it?
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