Tuesday, 16 December 2008

Bits and bobs

1. More on Madoff. UKIP blogger Tim Worstall argues that this is not really a hedge fund issue, which is a valid point even if his supporting evidence (a very short post by Brad Delong) isn't up to much. Richard Murphy disagrees.

Meanwhile David Aaronovitch wades in:
By last week I was ready for Madoff. I'd read J.K. Galbraith's reissued 1950s classic The Great Crash 1929 and taken delivery of his point that, in boom times, the rate of embezzlement grows because the promised rewards (Nicola Horlick, please note) don't seem as absurd as they actually are, and the rate of discovery falls off.

There is, as Galbraith noted, a strange period between commission and revelation, when the embezzler is richer yet the victim feels no poorer, so that, in this time, there is “a net increase in psychic wealth”. It's often only when depression knocks and money gets tight that Wile E. Coyote realises that he has run out of road and sees the abyss beneath him.

2. More on public sector pensions. GMB and TUC responses to the CBI call for a review.

3. Foot-in-mouth disease hits Tory blogger.

3 comments:

CharlieMcMenamin said...

The Right seem to be trying to draw a new line in the ideological sand in terms of Madoff not running a hedge fund. 'A Very British Dude'(sic)also says Madoff wasn't running one, and argues that no hedge fund has gone bust during this crisis because the hedge fund traders put 50% of their wealth into them and thus don't need regulation. http://brackenworld.blogspot.com/2008/12/those-dastardly-hedge-funds-need-more.html

That little phrase 'during this crisis' is doing a lot of work though - remember LTCM in 1998? & I do think the Dude may yet regret not writing 'no hedge fund has collapse yet in the current crisis...'.

It's pointless to quibble over definitions of what a hedge fund might be: the point is that relatively unregulated financial actors can bring huge trouble down on the shoulders of the rest of the community. So they need regulating from a social risk management point of view even if they do actually invest their own wealth and aren't all Madoff in miniature.

Tom P said...

I think I'm somewhere in the middle here. It's a reasonable point that this is a simple fraud rather than something inherent in hedge funds, but this doesn't mean that hedge funds don't need better regulation.

I think you're right about hedge funds in general. I reckon lots of them will go to the wall.

will said...

A片,A片,A片,A片,A片,A片情趣用品,情趣,A片,AIO,AV,AV女優,A漫,免費A片,AIO交友愛情館,愛情公寓,情色,情色貼圖,色情小說,情色小說,情色文學,色情,寄情築園小遊戲,色情遊戲,嘟嘟情人色網,一葉情貼圖片區,情色論壇,色情影片,微風成人,嘟嘟成人網,成人,18成人,成人影城,成人圖片區,成人圖片,成人貼圖,UT聊天室,聊天室,豆豆聊天室,哈啦聊天室,尋夢園聊天室,聊天室尋夢園,視訊聊天室,視訊聊天

麻將,台灣彩卷,六合彩開獎號碼,運動彩卷,六合彩,線上遊戲,矽谷麻將,明星3缺一,橘子町,麻將大悶鍋,台客麻將,公博,game,,中華職棒,麗的線上小遊戲,國士無雙麻將,麻將館,賭博遊戲,威力彩,威力彩開獎號碼,龍龍運動網,史萊姆,史萊姆好玩遊戲,史萊姆第一個家,史萊姆好玩遊戲區,樂透彩開獎號碼,遊戲天堂,好玩遊戲,遊戲基地,無料遊戲王,好玩遊戲區,麻將遊戲,好玩遊戲區,小遊戲,遊戲區,電玩快打,cs online情趣用品,情趣,情趣商品,A片,AIO交友愛情館,AIOAV女優,AV,A漫,免費A片,本土自拍,自拍,愛情公寓,情色,情色貼圖,色情小說,情色小說,情色文學,色情,寄情築園小遊戲,色情遊戲,色情影片,情色網,色情網站,微風成人區,微風成人,嘟嘟成人網,成人,18成人,成人影城,成人圖片區,成人圖片,成人貼圖,成人文章,成人小說,UT聊天室,聊天室,豆豆聊天室,哈啦聊天室,尋夢園聊天室,聊天室尋夢園,080中部人聊天室,080聊天室,中部人聊天室,080苗栗人聊天室,苗栗人聊天室,免費視訊聊天,免費視訊,視訊聊天室,視訊聊天情趣用品,情趣,情趣商品,愛情公寓,情色,情色貼圖,色情小說,情色小說,情色文學,色情,寄情築園小遊戲,色情遊戲,AIO交友愛情館,一葉情貼圖片區,情色論壇,色情影片,色情網站,微風成人區,微風成人,嘟嘟成人網,成人,18成人,成人影城,成人圖片,成人貼圖,成人圖片區,成人文章,成人小說,A片,AV女優,AV,A漫,免費A片,自拍,UT聊天室,聊天室,豆豆聊天室,哈啦聊天室,尋夢園聊天室,聊天室尋夢園,080中部人聊天室,080聊天室,080苗栗人聊天室情趣用品,情趣,情趣商品,愛情公寓,情色,情色貼圖,色情小說,情色小說,情色文學,色情,做愛,寄情築園小遊戲,色情遊戲,AIO交友愛情館,AIO,色情影片,情色網,微風成人,嘟嘟成人網,成人,18成人,成人影城,成人圖片,成人貼圖,成人圖片區,成人文章,成人小說,成人電影,麗的色遊戲,自拍,A片,AV女優,AV,A漫,視訊交友網,視訊,視訊交友,免費視訊聊天室,免費視訊,視訊聊天,視訊聊天室,UT聊天室,聊天室,豆豆聊天室,哈啦聊天室,尋夢園聊天室,聊天室尋夢園,中古車,二手車情色貼圖,日本A片,A片下載,情色A片,AV女優,A漫,免費A片,微風成人,成人網站,成人光碟,嘟嘟成人網,成人,成人影城A片,A片,A片下載,做愛,成人電影,18成人,日本A片,情色小說,情色電影,成人影城,自拍,情色論壇,成人論壇,情色貼圖,情色,免費A片,成人,成人光碟