Tuesday, February 28, 2012

Poetic Justice in a Forgery

Pierre Lagrange spent 17 million to buy a Jackson Pollock painting that turned out to be a forgery. Now the hedge fund executive is suing to reclaim his investment. . Poor Pierre. A painting that looks like a Rembrant but isn’t, is, at least, still beautiful, but a Jackson Pollock forgery is just so much paint flung against a canvas. What a shame. It kind of reminds me of what the banks and hedge fund managers like Pierre did to all of us back in the Jackson Pollock days of derivatives, credit swaps and other financial shell games.... just sling a bunch of crap at the wall, and if anything sticks, give it an A+ rating and watch the suckers line up to buy the junk.

Here’s what I’d like to see: Recover the $17million and return it to its rightful owner – the public, all the poor schmucks who got suckered by the idea that we can expect a system which rewards profit and greed to deliver something for the rest of us other than profit and greed. And Lagrange can keep the painting-there’d be poetic justice in that. He could rechristen it “My Mess”

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