The press has been too loath to state the obvious: What happened on Wall Street (and is still happening) was corruption, plain and simple. Corruption in the form of exorbitant pay systems that encouraged excessive risk-taking, in how the Street manipulated its incestuous relationship with the ratings agencies to have them do its bidding, and in the push for ever-more junk mortgage product that it could make huge fees off of and then unload to others. Not to mention the Bernie Madoffs.
Surely, when they say “corruption” they actually totally awesome free-markets asserting themselves against profit-ruining regulation!
Link: The Corruption Thing [CJR]
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