Michael Lewis: "The End of the Financial World as We Know It "
Over at the NY Times, Michael Lewis has written (with David Einhorn) a typically fascinating article, particularly the discussion of the guy who tried multiple times to explain to the SEC how Bernie Madoff had to have been a fraud.
You can read the article here:
http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html?em
And note that it continues for another 3 pages in an article of another name, which you can get to by a link on the 4th page of the above article or by clicking here:
http://www.nytimes.com/2009/01/04/opinion/04lewiseinhornb.html
While I can't say I've read everything Mr. Lewis has written, this is the first time I've seen him so aggressively offer policy suggestions. I don't agree with everything Lewis suggests, but I do agree with his point that stock prices will take care of themselves if government were simply to implement rational policy.
Whatever you think of the policy ideas, the article is yet another good read by Lewis.
| Print article | This entry was posted by Rossputin on 01/09/09 at 01:02:01 am . Follow any responses to this post through RSS 2.0. |
Yours truly
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01/09/09 @ 02:25:47 pm
The SEC is nothing but a law enforcement agency. All you get from them is a response AFTER an event, such as Madoff, has occured. Law enforcement agencies only respond after something has happened, that is why they are called 1st responders, not 1st interceptors.
I just wish people would understand that the SEC is nothing but another opportunity to pad a resume with the anticipation of moving into another finacial position within Wall Street. It's a joke. I was just audited by the SEC last year and I most likely went through more than Madoff and all we deal in is mutual funds. However, if I ran a hedge fund, the SEC wouldn't even look my way. Ridiculous.