First of all, Happy New Year to all my readers. Not sure if there are any but still a very happy new year.
Most of you now are aware of the infamous Bernie Madoff scandal that was on the news last month. Ran into this document yesterday which was pretty good reading.
The Worlds Largest Hedge Fund is a Fraud
Apparently, the author of this document (who is anonymous and a derivatives expert) submitted this to the SEC in 1999 and then in 2005 again. In this he brought to attention the fact that Madoff fund a Ponzi scheme and also brought to attention several red flags in the document which basically surmized it was impossible to achieve the returns that was being generated by BM (Bernie Madoff) in a legitimate way.
Its almost sad that the SEC who is supposed to be a watchdog just let this slip thru their cracks or maybe just a case of too scared to go after the big doc.
Either way, its good reading (for those of you who like finance).
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment