Thursday, September 18, 2008

Roger Cohen: The king is dead

Roger Cohen has written an interesting article on the collapse of Wall Street, titled “The King is Dead”. Below is an extract from the article.

“The biggest single-day market drop since 9/11 reminded me that when trading reopened on Sept. 17, 2001, and the Dow plunged 684.81 points, some executives backdated their options to re-price them at this post-attack low in order to increase their potential gains.

So that's what "financial killing" really means. No better illustration exists of a culture where private gain has eclipsed the public good, public service, even public decency, and where the cult of the individual has caused the commonwealth to wither.”


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