there was a great oped piece in friday’s wsj where they actually argued that the whole bruha over corporate fraud in the late 90’s has now been proven over done. they figure that there have been far fewer companies and execs convicted than one might have imagined and therefore we can now see that there wasnt as much wrong doing as we all thought.
they actually argue that lay and skilling were just a few bad apples. wow. guess they chose to ignore that 10% of US public companies restated earnings last year alone. and fannie may was just another dozen bad apples managed by 7 bad apple board members. and the investment banks that just agreed to a record $7 billion in penalties to avoid criminal prosecution must have been making up for their few bad apples too. starts to add up to a pretty crowded orchard!
here’s the state of major media in 2006. the nytimes is so worried about being seen as a bastion of liberalism that they are afraid to call palestinian suicide bombers terrorists. the wsj is so ready to get back to good old capitalism that they are ready to pretend that we dont still live amongst institutionalized corporate fraud.
what ever happened to honest journalism? i know the answer so dont bother. who says we ever had it!