Ponzis in Perspective

Now that the dust has settled on the investment banking scandal, it might help to put Ponzis in perspective. While the fraud institutionalized by Congress with Clinton’s blessing may have destroyed public faith in capitalism, corruption in the US is really about average in terms of transnational criminal enterprise. By our estimates, Wall Street practices fall somewhere between those of the Russian Chamber of Commerce and those of the Albanian Department of Trade.

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~ by Jay Taber on February 11, 2009.

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