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Strategies & Market Trends : New India

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To: Glenn Petersen who wrote (359)	1/7/2009 6:18:24 PM
From: Sam Citron	of 608

Tainted books? In China? Perish the thought. It almost seems like US and India deserve some credit for at least coming clean and actually managing to uncover these frauds [Satyam, Madoff, Enron] even though they sometimes fester for long periods of time. It takes a certain amount of checks and balances in the system, as well as a low tide, to reveal such things. I suspect that wherever there is the incentive and the opportunity, fraud will exist. It's not entirely clear to me that some of these less democratic and more corrupt regimes even have the infrastructure and ability to uncover fraud when it is found. Not to point fingers at China, but I would imagine that a payoff to an official can be pretty effective in stopping an investigation in its tracks in many places. Even in the US the propensity to uncover white collar fraud seems to wax and wane as both the SEC and the plaintiff's bar were effectively gutted by the present administration. Bush pretended that markets were supposed to be self-regulating and blamed the lawyers. Hope Obama can find a middle path and restore some confidence in the markets. Suspect it will take quite some time to heal.

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