TYCO FALLOUT - GLOBAL DIRTY MONEY PROBLEM: Tax Fraud Probe Hitting More Execs

NY DAILY NEWS ^ | 6/7/02 | BARBARA ROSS and NANCY DILLON

[CecilRhodesGhost]

Liz... this entire shake-down of Wall Street slime in the media is much like that famous movie scene where a certain local official is "shocked to find gambling in this establishment"... by that I mean, the US markets are today in the toilet. And the stink hasn't left yet, because there is a haunting feeling that Wall St. is rotten to the core. And confidence is key to the system. The frequent stories about "CEO crime" etc are just puff pieces designed for the CNBC/ WSJ/ US TODAY crowd, so that people will feel safe enough to get back to the gambling table and make a bet.

The erosion of confidence in the US markets must be stopped before the dollar starts to really sink. So, you get these comical stories about "justice in the boardrooms" and "CEOs going to jail" when in fact I would guess 1% of the Wall St. criminals will even be exposed, and a fraction of those will ever be sentenced. Remember, you can accuse a ham sandwich. It's the conviction that counts. The SEC and state prosecutors are only now acting out their part in this great theatrical show... it's like watching a market crash in slow-motion.

[Liz]

What a difference a year and a half can make--

It strikes me that these financial mags and reporter types also dropped the ball on the Wall
Street knavery stories. Didn't do their job very well. Going to be a lot of revisionist history.