I am supposed to feel particularly sad for charity Boards who put large sums of money to work in loosely regulated "strategies", like Madoff?
Isn't there something inherently repugnant about people, very wealthy people, clamoring - clamoring - to "get in" on a money-management strategy that could be replicated by a computer?
How much more protection do you get from regulated entities, one wonders.. Do rules to follow, public filings, etc., show a meaningful reduction in fraud cases or size of fraud cases?
Monday, December 15, 2008
Charity Redux
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