Saturday, December 27, 2008

Quote of the Day

I have no sympathy for Madoff. But the fact is, his alleged Ponzi scheme was only slightly more outrageous than the “legal” scheme that Wall Street was running, fueled by cheap credit, low standards and high greed. What do you call giving a worker who makes only $14,000 a year a nothing-down and nothing-to-pay-for-two-years mortgage to buy a $750,000 home, and then bundling that mortgage with 100 others into bonds — which Moody’s or Standard & Poors rate AAA — and then selling them to banks and pension funds the world over? That is what our financial industry was doing. If that isn’t a pyramid scheme, what is?
--Thomas Friedman

2 comments:

Mystic Sight said...

Hope you had a wonderful christmas

Amos Anon said...

I’m glad you’re interested in The Tibetan Book of the Dead. Here’s a link to a Guide that covers this book and other books of the Oxford Tibetan Series.
http://www.samos-sanon.blogspot.com
If you find this useful, please mention it on your blog.