Wall Street's just a Ponzi scheme too
(NEWSER) - Bernie Madoff’s $50 billion fraud wasn’t all that different from what his Wall Street peers were up to, writes Paul Krugman in the New York Times. Oh sure, “Madoff allegedly skipped a few steps,” stealing the money without bothering to load up on debt, buy dubious high-yield assets, then pay himself a big bonus for his “profit.” But in both cases, money managers got rich and investors got screwed. Call it “America’s Ponzi era.” More»
