On Wed, 24 Jan 2001, Doug Henwood wrote:
> Because he serves to sustain a liberal mythology about financial
> markets specifically and capitalism in general - that the problem is
> bad apples that if carefully plucked keep the rest of the barrel
> fresh.
Of course that is true to some extent, no? Markets that let insider trading get out of hand scare away investors, no? Doesn't purging the occasional transgressor pour encourager les autres serve an important function in shoring up investor confidence? That's symbolic only in the sense money is symbolic.
> It was revolting to read Rohatyn and Buffett and Ted Forstman of all
> people denouncing Milken in the NYRB and WP.
Well, that is revolting. Now I understand your animus. I guess wished you'd denounced the hypocrisy of the pigs directly rather than indirectly. But hey, it's easy to throw shells from the peanut gallery. Keep up the good work.
Michael
__________________________________________________________________________ Michael Pollak................New York City..............mpollak at panix.com