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Fear and Greed: Investment risks and opportunities in a turbulent world by Nicolas Sarkis

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Chapter 9: The Moral Hazard of Money

Lord’s Cricket Ground in London is a bastion of English reserve. It came as something of a shock, therefore, when Allen Stanford, a Texan financier, landed in a helicopter at this genteel venue in June 2008 and paraded before spectators with a giant Perspex cube containing US$20 million in cash. [134] This princely sum was the prize in a new winner-takes-all cricket tournament that Stanford was promoting. While some welcomed this injection of razzmatazz and lucre into what has often been seen as a rather stuffy and underfunded sport, cricketing purists grumbled that no good could possibly come of it.

The purists turned out to be correct, albeit perhaps not for the reasons that they had initially suspected. ...

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