He who laughs last
Professor Leon Metzger is a seasoned campaigner on the importance of internal controls within asset management firms, and has faced ridicule over the years from those who valued returns over operational controls. Then along came Madoff. No-one's laughing now. He talks to Duncan Wood
It seems like a mouth-watering investment opportunity - a hedge fund with a stellar track record of average returns in excess of 40% for the past 20 years. But who would still agree to sink their money into this hypothetical fund if the track record was the only information they could lay their hands on - if they had no information about how the fund operated, and no clue about its investment
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