Cheat, Pray, Love

Be sure to read the following column from the New Yorker on financial fraud, its very well written here is an excerpt:

But the main reason that Madoff didn’t destroy investor confidence is that it was already gone, thanks to a year when just about every institution that the market depends on—rating agencies, accounting firms, regulators, Wall Street C.E.O.s.—had messed up. The whole web of intermediaries and knowledge brokers that modern asset markets have come to rely on has become frayed. That helps explain the current credit crunch—bank lending has dropped fifty-five per cent this year—and the dismal state of the stock market. Discovering what the crooks have been up to is disillusioning, but not as disillusioning as coming to terms with what the so-called honest people did.

Here is the link: New Yorker on confidence and fraud