All It Takes Is A Good Reputation
I read that several well heeled investors, banks, hedge funds and even the Securities Commission was duped by New York broker Bernard Madoff’s alleged giant pyramid scheme. Reports from the Wall Street Journal is saying losses are in the region on millions and up to a billion for Union Bancaire Privee, a major asset management institution specializing in hedge funds. By the way, the list of potential victims is still growing.
For the ordinary man in the street, to be scammed is probable due to lack of knowledge or the ability to do a thorough due diligence. You would have thought that these professionals entrusting millions and billions of dollars would have scrutinize the scheme/scam a bit more thoroughly.
Does this mean that all you need is a good reputation and you can be start a scam? Maybe and maybe not. And if the SC was duped, what else are we going to be unpleasantly surprised next? Something worts than the credit crunch?
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