Definition of chutzpah : The Irrelevance of Frank Quttrone.
"Putting wrongdoers behind bars is well and good, but it was investors' losses -- not new laws -- that set Wall Street straight".
Huh? Wouldn't that be the *reason* why we *need* new laws and strong enforcement, the kind that would shake a Frank Quattrone in his boots with fear and visions of *very* close encounters of the physical kind with fellow prison mates every time he signed off on throwing some of those pre-IPO shares towards his cronies, Timmy? Doh!
To paraphrase Churchill, never in the history of mankind have so many been robbed in broad daylight by so few, and managed to get away with it. Capitalism is indeed in dire need of being saved from the capitalists. Leading thinkers of market economics should be taking a very long, hard look at the train wreck of capital markets and the institutions governing them that still continue to operate as if the uncontrolled, criminal pursuit of naked greed never happened. Om's book Broadbandits must be a required reading in a compulsory business ethics class in every business school around the globe. And we get such banal pontification from supposedly the most widely read business magazine on this continent? I am speechless.