In the U.S.'s decade of descent, its near-decade of policy errors, investors could no-doubt cite their nomination for financial or economic low point.
Enron, the Bear Stearns hedge fund defaults, the mismanagement of Lehman Brothers and AIG (NYSE: AIG), the to-date secretiveness of the TARP money allocation, Citigroup's (NYSE: C) missteps that now expose the U.S. government to potentially more than $200 billion in liabilities, or the myriad bad decisions by mortgage borrowers and lenders that sent the housing market into recession would, undoubtedly, be mentioned as candidates for the biggest scandal.
A few 'candid and frank' discussions in CT
Still, during a year-end, holiday trip to relatives in Connecticut, I received "a full and complete report," as we say in the news/publishing business, concerning what many people -- at least what many of my relatives -- feel is the biggest scandal or mistake. Now, my extended family is by no means a scientific survey, but it's a pretty good cross-section of the American public, comprised of high-powered professionals and typical employees; those who've done very well financially, and those who haven't done as well, with all age groups represented.
And what was everyone really peeved about? The alleged Ponzi scheme and rip-off masterminded/perpetrated by Bernard Madoff.
Enron, the Bear Stearns hedge fund defaults, the mismanagement of Lehman Brothers and AIG (NYSE: AIG), the to-date secretiveness of the TARP money allocation, Citigroup's (NYSE: C) missteps that now expose the U.S. government to potentially more than $200 billion in liabilities, or the myriad bad decisions by mortgage borrowers and lenders that sent the housing market into recession would, undoubtedly, be mentioned as candidates for the biggest scandal.
A few 'candid and frank' discussions in CT
Still, during a year-end, holiday trip to relatives in Connecticut, I received "a full and complete report," as we say in the news/publishing business, concerning what many people -- at least what many of my relatives -- feel is the biggest scandal or mistake. Now, my extended family is by no means a scientific survey, but it's a pretty good cross-section of the American public, comprised of high-powered professionals and typical employees; those who've done very well financially, and those who haven't done as well, with all age groups represented.
And what was everyone really peeved about? The alleged Ponzi scheme and rip-off masterminded/perpetrated by Bernard Madoff.
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