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.