Ethics and governance in the European Financial centers

The Madoff case does not exist in Luxembourg... when observing officials and leaders' attitude.

I find it interesting to observe that officials and leaders in Luxembourg keep silence despite the fact that a luxembourg-based fund is involved in the Madoff scandal.

Unfortunately this attitude does not remove problems and confirms once more the lack of ethical credibility of the Luxembourg financial Center.

Such an attitude can only reinforce the lack of confidence of the investor.

But it is true that the Madoff case dramatically illustrates the drifts and dysfunctions that are visible in Luxembourg, and especially :
- canted standing,
- canted CSR
- conflicts of interests
- failure of self regulation
- etc.

In this context the recent communication on LFF (cf ) is completely surrealist.