Cockroaches
This column was written by CBS News Early Show Co-Anchor Harry Smith.
I talked to Richard Parker today from the Kennedy School of Government up at Harvard. Parker is an economist, and he sees some really scary stuff.
I interviewed him about the Madoff Ponzi scandal, and he is firmly convinced there could be many more to come.
He says there is always a degree of corruption in money and markets. We just don't pay attention much during bursts of prosperity, but when the bubble breaks, we scrutinize more.
Parker believes there are many culprits in the hedge fund world. All those claims of wild returns have attracted a lot of money, and the beauty of a hedge fund is most of the time you don't really have to show how you are making the dough.
And as the recession continues and investors decide to cash out, they'll find that what they hoped was there, is not.
Parker likened Madoff to a cockroach-an insect that has been around for millions of years.
And we know this about cockroaches: there's never just one.