As we can see, technically all of headline news seen is indeed a scandal. However, I think investors are going to have to learn to separate malicious intent from stupidity and error. Of course that may not happen until all of corporate America comes clean. Therein lies problem with executive branch of our government. While Bush's Harken situation was old news, his handling of events has been terrible. (In fact, more he tries to sweep it under rug, greater curiosity and doubt. It doesn't help that his father appointed SEC head that oversaw investigation.) Worse has been his handling of Cheney situation. It smacks of unnecessary protest for him to come out and proclaim his vice president's innocence. Loyalty is commendable, but not when it challenges sensibilities of entire nation. One day he's tough on white-collar crime (I think?) and next he's sounding like Bruce Cutler of beltway. (By way, this is an interesting aside, but I'll give you one guess as to who person is in first meaning of word "scandal". One hint: he was in business of government.)

SAY IT AIN’T SO, JO JO The biggest disappointment of week was reserved for company that arguably is most trusted in country. Johnson and Johnson (JNJ) came under scrutiny Friday, for accounting fraud at company's Puerto Rico plant. This plant makes Eprex, and though product only represents a fraction of overall revenue at company, it is reasonable for investors to wonder if allegations are factual this is only tip of iceberg.

So now shareholders in JNJ and other pharmaceutical companies have to ask themselves 'when does it stop'? Save for Kraft, I can't think of a company that has products in every single US household.

Folks, you said bring it on, well now you have it. Guess what? It may get deeper.

I've preached that everyone should have puts and/or shorts at all times during this collapse. It is too early to say that now everyone should have calls or longs on weakness now, but there will be substantial upside opportunities. There are so many things that are going to have to happen before we can stop asking "when does it stop"? But it will.

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Since 1991, Charles Paynes’ Wall Street Strategies has successfully provided timely and effective equity advice to institutional money managers, retail brokers and individual investors of all types, and has thousands of subscribers from hundreds of brokerage firms. http://www.wstreet.com.