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Just Shoot Me

Bala, 28, Gordon Gekko in the making, pseudo-intellectual, cynic, bibliophile, obsessive compulsive ranter...

Unremitting suspicion

December 29, 2008

"WRITING about one of the great swindles of the 1930s, J.K. Galbraith pointed to three traits of any financial community that he believed put it at risk of fraud. There was the tendency, he wrote in 1961, to confuse good manners and good tailoring with integrity and intelligence. There was the sometimes “disastrous interdependence” between the honest man and the crook. And there was the “dangerous cliché that in the financial world everything depends on confidence. One could better argue the importance of unremitting suspicion.

So begins the latest editorial in The Economist on Bernie Madoff. Unremitting Suspicion - thats the key word here. If you are giving your money to someone else, be wary, be suspicious, assume the worst. A healthy amount of skepticism is always good for the investor. If i have learned anything from the finance industry in the past three years, it is not to trust anyone at their word. The whole "our word is our bond" approach just won't cut it anymore.
posted by Bala, 7:39 AM

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