Cleaning Up a Dirty Business - Newsweek

[dArKeR]

When the Enron scandal broke two years ago, optimists argued that we were dealing with only “a few bad apples.” Instead, it turns out, Enron was an example of the Cockroach Theory: if you see one cockroach, a whole nest is undoubtedly lurking nearby.

WE WERE ABSOLUTELY overrun by those little financial buggers last week. Just as we started trying to stamp out old scandals—the trials of former Credit Suisse First Boston star investment banker Frank Quattrone and former Tyco chairman Dennis Kozlowski got underway—a whole new bunch of roaches sprang out of the wall. A former top hedge-fund trader, Steven Markovitz, copped a plea to making improper “market timing” trades with mutual funds; Alliance Capital became the fifth fund manager to admit allowing such trades; Prudential Securities (now Wachovia) and Merrill Lynch canned employees for improper fund trading, and JPMorgan Chase paid $25 million to settle charges it violated rules covering initial public offerings of stock. A scandal scorecard in Friday’s Wall Street Journal listed 16 cases. Send out for more bug spray.

http://msnbc.com/news/976108.asp

[LittleApple81]

1. I went to rate the article and saw the list of the highest ranked

articles: The ones with the most votes (assume most readers) Kobe 9310, Roy Horn's condition critical 4217). People are still in dreamland.

[RC]

2. Bu$h sure set a new tone alright.

Where did honesty and integrity go?

[Arbustosux]

3. Didn't Bush say....

the market was responding to his leadership as the bad guys knew there was a new sherrif in town? or words to that effect....

[area51]

4. integrity

RC asked:

"Where did honesty and integrity go?"

Certainly not into the republinazi party, that's for sure.