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Tuesday, Jul 02, 2002

greedy little devils

"The corporate world is now embroiled in two controversies. There's the fraud at Enron, WorldCom, Arthur Andersen, and elsewhere; and there's the payment of absurd sums to CEOs. Both developments threaten the free-market system--you're kidding yourself if you don't think that big firms deliberately duping investors, or CEOs awarding themselves hundreds of millions of dollars that should have gone to stockholders, does anything other than erode the reputation of market economics. Both practices also trample important principles of conservative economics, as we'll see in a moment."