Thursday, February 19, 2009

not surprised any more, are you?

Texan "wealth manager" Allen Stanford is now being sought by the FBI. Seems that like Bernie Madoff, his Stanford International Bank (no relation to the university) and its great returns were more the product of fraud than any particular financial acumen.

But we can't be surprised at incompetent or fraudulent Captains of Industry and Finance any more, right? And we can hope that Fortune and Business Week and the rest quit the sycophantic idolatry of CEOs. They might be good, they might be average, they might be incompetent, they might be crooks. But just because they are in charge of a company that looks like it's doing well doesn't make them supermen or paragons of how to behave.

So, view it all with a little cynicism. It is a useful tool to employ.


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