Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewd, although sometimes space limits the number accepted.
- J.P. Morgan banker joked that Madoff’s accounting firm might be a car wash (Christina Rexrode, The Wall Street Journal) Hat tip to Roger Erickson. Dozens of JPMorgan executives appeared to have know Madoff was a fraud but blew no whistles. They got their money out and kept quiet. Isn't that aiding and abetting?
- The Real Belfort Story Missing From ‘Wolf’ Movie (Joel M. Cohen, The New York Times) This is written by the Jason Belfort prosecutor. He thinks the movie made one big mistake.
- The Myth of Health Care's Free Market (David Cay Johnson, Newsweek) David Cay Johnson has contributed to Global Economic Intersection. Wildly varying prices for identical services (sometimes 3-4 times difference) is exactly what would be expected from an inefficient market. Johnson cites 2012 Pricing Report of the International Federation of Health Plans
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