Wednesday, September 24, 2008

Has Anyone Noticed...

That with all of this talk of bailout there hasn't been any talk of culpability? It would be truly extraordinary if no one was prosecuted. Then again, I remember two little tidbits from my brief days lugging ledgerbooks at an investment house:

a. John Gutfreund (or however you spell it) 's clerk was immediately fired after the early 90's Solomon Brothers scandal... but Gutfreund walked away with a 10 million or so bonus.

b. Michael Milikin's Sales assistant spent more time in jail than he did.

In other words, what I imagine will happen is that some low level manager or trader will be prosecuted and the big guys will walk away with fat checks, courtesy of the taxpayer.

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