A Lesson in Moral Hazard: Why We Should Thank Bernie Madoff
Block, Walter E. & Jones, Corey
Abstract
Bernie Madoff is akin to the canary that miners bring to their jobs for safety. He resembles the Distant Early Warning System that was installed to protect the U.S. from attack. He has not been appreciated as such. It is time, it is past time, that he be "credited" with this important role he has played.