The fifth LwH Prize goes to… Bernard L. Madoff

Hobbes, I must confess that Mr Madoff’s shenanigans have also caught me off guard. Not that I knew of the man, but it is true that not only he was able to hide such a massive black hole, but hide it from the financial world’s top brass.

And that, in itself, is worth of appearing on our beloved hall of fame. If we thought that the rating agencies had been useless at rating CDOs and other letter-soup marvels, Mr Madoff just reminded us of what investment bankers do when they go solo. Havoc. They don’t even check where they invest their (clients’) money. Even I bitched about the rating agencies, but in the end, it seems that bankers are made off the same paste, clueless, pathetic, high flying and arrogant individuals who do not know how to say ‘sorry’. 

Thanks Bernard, when the banking spheres almost convinced us that the credit crunch had nothing to do with them, you opened the eyes of the general public and there can be no mistake now, the City and Wall Street girls and boys are no more than hardworking and low paid Joe Chang down the coal mine, they just got lucky, at least Joe is decent.

I hope we all learn the lesson, and if you got advantage of the richer-than-thou, the more powerful-than-thou, the smarter-than-thou, so be it.

You deserve it Bernard. The fifth LwH is yours.



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