Don't Blink, or You'll Miss Another Shameful Scandal
With the rate at which horrifying examples of widespread moral bankruptcy and fraudulent misdeeds are coming to light in the financial industry today, one can scarcely afford a moment's rest for fear of missing the dastardly disgrace du jour.
Already this week, even as investors continue to wrap their heads around the monumental LIBOR rate-rigging debacle, the dramatic implosion of futures brokerage PFGBest amid a reported shortfall in customer-segregated accounts has shattered hopeful notions that the MF Global disaster would remain an isolated event.
In the combined wake of Wasendorf's apparently routine submission of forged bank documents to regulators, and his attempted suicide, the prominent heading beneath his photograph within PFGBest's corporate brochure reads with a bone-chilling irony: "To succeed you must first survive."
Ultimately, every single investor is a victim of this latest example of the rampant misconduct and outright fraud that seems to have infected our entire financial system like a plague. The list has grown far too long, and it may have reached a critical mass to begin scaring investors straight out of the markets. The unsettling macroeconomic outlook and the structural shortcomings like those exposed by the 2010 flash crash are sufficient obstacles for retail investors to contend with. With the addition of Madoff, LIBOR-gate, the muni-bond-rigging cartel, MF Global, Lehman, gold-price suppression, and the long list of hugely disappointing scandals in recent years, it's a wonder any of us are still sticking around.