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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (33044)	12/15/2008 12:17:48 PM
From: Madharry	Read Replies (1) \| Respond to of 78764

What I find most shocking about this is the lack of due dilligence by the hired guns. I guess Madoff was a very persuasive guy but still haw do these supposed savvy entities commit hundreds of millions of dollars on the basis of questionable auditors. years ago when i was in credit support my middle market bank would lend to finance companies and semi annually we would send in our own auditor to look at the books and records and these were for loans under a million dollars. Makes me wonder if any of these hired guns even spoke to the auditor to see what they did. One of the big red flags is when the account manager also controls the securities, but i guess all these hired guns overlooked that too. I wish I were a securities lawyer now. maybe ill go back to school S