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Politics : Politics for Pros- moderated
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To: KLP who wrote (284276)12/14/2008 10:17:18 PM
From: Stevefoder  Read Replies (1) of 793964
 
Where was the SEC for starters? We have regulators....Where have they been?

A better question would be where are the auditors?

A publicly traded company or fund (e.g. listed stocks) have annual audits which will usually prevent such flagrant fraud. However, this company was a "invitation only" investment company and hedge fund. I would expect that the SEC would not normally do much overseeing of this type company. This is a "investor beware" type company since it is not publicly traded.

Does anybody out there know if an annual audit of such a company is required or SEC overseeing is required?

One interesting fallout of this fraud may be that individuals, pension funds and university endowment fund pulling out of hedge funds and other private equity managed funds. Could you imagine the trouble a university endowment manager would be in if he invested in a fraudulent company as that?
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