Er, you may want to let them know that's entirely false. Just google "investment funds invested with madoff" and you can find plenty of stories of professional fund managers who invested with Madoff. If he just fleeced the stupid, then "the stupid" and "professional investors" aren't disjoint sets. ;-)
This including some funds that invested exclusively with him, which is pretty close to criminal -- the only service those managers were providing to justify a fee (compared with someone investing with Madoff directly) is doing due diligence, which they obviously didn't do.
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Date: 2009-03-17 01:37 am (UTC)This including some funds that invested exclusively with him, which is pretty close to criminal -- the only service those managers were providing to justify a fee (compared with someone investing with Madoff directly) is doing due diligence, which they obviously didn't do.