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Wednesday, August 15, 2012

Corruption


The Accounting Trick Behind Thirty Years of Scandal

Brendan McDermid / Reuters
BRENDAN MCDERMID / REUTERS
Traders work at the Goldman Sachs kiosk on the floor of the New York Stock Exchange, April 16, 2012.
Once upon a time, New York City’s Times Square was plagued with Three Card Monte dealers who made their living bilking unsuspecting tourists out of their five and ten dollar bills with the aid of paid shills and a little prestidigitation.  These sleight-of-hand artists were mostly chased from the streets in the 1990s during the city’s broader renaissance, but according to a new paper from law professors William Bratton and Adam Levitin, a more sophisticated shell game was just getting going in the skyscrapers that overlooked the financial capitals of the world./.../

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