Financial Scandal and Public Trust
AFTER referring in no complimentary terms to what it calls “the Equitable squabble,” by which it designates the recent developments concerning the management of the Equitable Life Insurance Co. of New York, the conservative Church Standard says:— “The worst of the wretched business is that it has shaken public faith in the honesty and stability of the entire financial system of the country. It requires no stretch of the imagination to see the beginning of most serious times in the financial world. With the present revelations as to the way the people’s money is handled, and the growing sentiment in favor of socialism, and the increasing disregard for the rights of property acquired by unlawful means, the outlook is by no means favorable. “Lay up for yourselves treasures in heaven.”