Madoff's audacity

The Times comments on the case of the New York stockbroker Bernard Madoff, said to have robbed his investors of an estimated 65 billion dollars: "The scale of the fraud was so audacious ... that even a world that thought it was beyond being shocked further was left blinking with disbelief. At a time when workers are losing their jobs, investors are losing their savings and banks are losing respect as they sink under the weight of foolhardy lending, Madoff's fraud has become a symbol of greed, deception and financial depravity. When the history of this recession is written, Madoff will command a chapter of his own. It would be heartening to think that a British Madoff would meet a similar fate. But given the way that Britain's financial regulators sometimes patrol the too hazy border between recklessness and criminality, it might be misguided."

» full article (external link, English)
More from the press review on the subject » Financial Markets, » United Kingdom, » U.S.

» To the complete press review of Friday, March 13, 2009