Big story this week is the fallout and litigation resulting from Fred Wilpon's financial entanglement with Bernard Madoff. Depending on which report you believe Fred Wilpon and his group are being sued on a "clawback theory" by the trustee, Irving Picard for between $300 million and one billion dollars. Ouch!
So did Mr.Wilpon actually make money or lose money over his long "investing relationship" with Mr. Madoff. We'll probably never know. Does it really matter? An interesting question though does arise; Does an investor (any investor) have a "legal obligation" to examine, analyze, second-guess or doubt the financial returns he gets because returns are so good and so steady?
Not that I'm aware of! Anyway, one of the theories being utilized by "the trustee " to pursue banks, hedge funds, feeder funds and "rich investors", is they should have seen the red flags . What "red flags"? I get my 10% back like clockwork every year from Bernard Madoff " The Whizkid". What am I to question?
Well it certainly will be interesting to see how things play out against the Mets owner.
What do you think?
No comments:
Post a Comment