Today's Outrage: Madoff Proves Bankers Are Idiots

As if we didn't have enough proof that greed makes an idiot out of every banker, and many an investor for that matter. Now we've got Bernard Madoff's spectacular fraud case to punctuate a point already clearly made by the global financial crisis.

Reports of exposure to Madoff mania keep coming in from bank after bank -- from London to Tokyo. Victims include Japan's Nomura (NMR Quote), France's BNP Paribas, the U.K.'s HSBC (HBC Quote) and Spain's Santander (STD Quote). Not to mention scores of U.S. investors, both individuals and charitable organizations.

It was the unbelievably steady returns Madoff delivered that attracted everyone. By most accounts, Madoff consistently delivered around 10% a year, even in bad times. ...