Mr. Solin, I am very weary of the narrative that is developing about Madoff being the "Lone Nut" of Money Managers. Of course someone with such a huge cloud of suspicion becomes a titan of his industry. Everyday, shiesters are accepted into the bosom of their community and are celebrated.
When the ENRON collapse took place everyone was dumbfounded by the irresponsible accounting practices that Arthur Anderson was engaged in ... Shocking! At the time of the scandal I was talking with a colleague whose brother was employed with one of the other "Big Five" Accounting firms at the time. His brother told him that everything that Arthur Anderson was being attacked over was standard operating procedure in the Accounting Industry ... they just suffered from have one of their clients collapse because of it. So Arthur Anderson took a bullet for the Accounting Industry and whether or not the remaining "Big Five" learned the errors of their ways will become more apparent as the economy continues to disintegrate.
I have no doubt that Madoff is a criminal and a scoundrel, but I am not ready to buy there is anything unique about him in terms of his industry.
Read the Article at HuffingtonPost
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