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Looks like the Madoff scandal is just the tip of the iceberg. Could it possibly be that massive 700 billion dollar bailout (of which Citi got a chunk) is a result? If so, then we are looking at merely band-aids here.
Folks, if it turns out that these ponzi schemes were part of the banking culture instead of isolated incidents, we are going to be in for not just a recession, but the Second Great Depression. We should have damn well learned from the first one.
Article is here.
Folks, if it turns out that these ponzi schemes were part of the banking culture instead of isolated incidents, we are going to be in for not just a recession, but the Second Great Depression. We should have damn well learned from the first one.
Article is here.