Tuesday, April 21, 2009

Free Markets

Ah yes, the mythologically self-correcting free market at work:
April 21 (Bloomberg) -- Citigroup Inc.’s board will likely survive a shareholder vote at today’s annual meeting, even after overseeing $28 billion in losses and a 77 percent stock decline last year.
Groovy.

I'd love to know which market principle this follows, where nobody is ever punished or even held accountable for failure?

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