 |
         
|
Each newscast chose its own poster tycoon for financial scandal. CBS' Wyatt Andrews covered Senate hearings into the Securities & Exchange Commission's regulation--or lack thereof--of the $50bn fund that Bernard Madoff is accused of running as a Ponzi scheme. The questions led to "the frustration of the committee," Andrews reported, since the criminal investigation of Madoff inspired repeated No Comments from SEC staffers.
ABC's David Muir followed up on John Thain, the former boss of Merrill Lynch who was interviewed by CNBC anchor Maria Bartiromo on NBC Monday. Muir reported that the $4bn Thain paid in bonuses to colleagues just before Bank of America purchased the loss-making brokerage will be investigated by Attorney General Andrew Cuomo of New York. Muir repeated the standard Wall Street explanation for their necessity: "The bonus pay is needed to keep good talent at the banks." Then Muir repeated the standard response: "If you do not give the bonuses, just where else on Wall Street are these bankers going to go?"
Exhibit C was Arthur Nadel. CNBC's Scott Cohn reported from Sarasota Fla for NBC on the 76-year-old money manager who disappeared last week. Nadel had been "at the pinnacle of Sarasota society," a fixture on the charity circuit and a major donor for the opera house building fund. Cohn told us that federal prosecutors allege he faked his own suicide even while leaving behind instructions to his wife on where to transfer their money. Nadel has now reappeared and is in jail without bail.
You must be logged in to this website to leave a comment. Please click here to log in so you can participate in the discussion.
