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Tuesday, December 16, 2008

Red Flag Anyone?

So I was looking back at some of the things written about Bernard Madoff before the recent revelation of his super-extraordinary Ponzi Scheme and found this excerpt from Trading & Exchanges by Larry Harris, published in 2002:

"Many institutional traders would like to trade with Madoff in order to access the liquidity that its dealers offer. [Madoff's] firm, however, will not accept them as clients unless it is convinced that they are generally uninformed traders."

Well, no kidding.