bubble

Rakesh Bhandari bhandari at Princeton.EDU
Fri Mar 10 09:44:06 PST 2000


But Charles that Floyd Norris report did not cite any actual tampering with the books. Conflicts of interest are inevitable given portfolio diversification of the top accts. Big deal. And so what if the profits are being cooked up? The profit illusion only makes it easier for foreign private investors to come to terms with the fact that they have no better place to go and for foreign governments from facing up to their actual powerlessness since the govt of the lone superpower would force them to invest here anyway. So even if there is massive accounting fraud, everyone is going to look the other way. In whose interest is it to expose and solve the problem? Everyone wants to believe; and hopefully things that are believed to be real may turn out be real in their consequences. To be on the safe side, let's keep social security funds out of the market, though, ok?

Yours, Rakesh



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