"Madoff's investors included captains of industry, corporations -- some of which are publicly traded -- that used Madoff almost as a high-yielding cash management account, endowments, universities, foundations and, importantly, many high-profile funds of funds," said Douglas Kass, who heads hedge fund Seabreeze Partners Management.Each passing day seems to reveal an American financial house made partially of playing cards. Expect more finger-pointing and blame shifting.
"It appears that at least $15 billion of wealth, much of which was concentrated in southern Florida and New York City, has gone to 'money heaven,'" he said.
But the Reverend Wright was wrong. Oh yes, America's chickens are indeed coming home to roost--but not from any mistreatment of the Muslim world or twisted CIA experiments, but because too many of us, perhaps even the good Reverend himself, have fallen prey to the power of gold.
A wise man once feared the power, but he didn't understand the awesome power of spirit his experiment would eventually produce in the big cities and across the fruited plains. We can reverse this mess, there's ample precedent. It will take some will, not only to tough out the tough times but to fight the urge to fix things through a socialist tyranny. For that we need strong leadership that holds firm to the core principles and beliefs that made this nation great.
With that it seems an early start on this week's musical selection is in order:
Balance the cost of the soul you lost
With the dreams you lightly sold
Are you under
The power of gold?