Madoff Magic Could Turn Into Litigators' Dream
As the fraud unravels, it seems likley that the only certain outcome will be the need for litigators, lots of them. The details of the scandal will no doubt be disseminated for a long time to come given its scale. As William Rees-Mogg mused somewhat speculatively in the Times : "I would not be surprised if the grandchildren of Madoff’s investors were still suing the grandchildren of hedge fund managers in 50 years’ time. A long-term Ponzi fraud can become a …
As the fraud unravels, it seems likley that the only certain outcome will be the need for litigators, lots of them.
The details of the scandal will no doubt be disseminated for a long time to come given its scale. As William Rees-Mogg mused somewhat speculatively in the Times :
"I would not be surprised if the grandchildren of Madoff’s investors were still suing the grandchildren of hedge fund managers in 50 years’ time. A long-term Ponzi fraud can become a nightmare for investors, if perhaps a bonanza for New York lawyers."
A Merry Christmas and Happy New Year for them then…
December 22, 2008
When the tide goes out you can see who has been swimming naked. This looks like a Spring tide and there are a lot of peeps missing their undies.
December 22, 2008
It seems to me that a lot of intermediaries failed to do their DD properly and just invested off the back of results alone. Swimming naked indeed.
December 22, 2008
Looks like it will be a bit of a litigators wet dream.