Honesty is such a lonely word.
Everyone is so untrue.
Honesty is hardly ever heard.
And mostly what I need from you. – Billy Joel
Last week was ripe with scandal in both the banking industry and on Wall Street, first came the announcement that failed Washington Mutual (WAMU) seemingly perfected the art of Fraudulent Lending and close on its heels was the S.E.C. suing Goldman Sachs due to their Mortgage Backed Securities of Doom.
I believe that this is but the tip of the iceberg and that we will see many other firms joining WAMU and Goldman in this ongoing debacle.
Honesty, apparently, is obsolete in today’s world.