Bloomberg published a good piece on investors increasingly hiring private investigators to conduct due diligence on hedge fund owners. The low-rent marketing beloved by bankers since the 1950s (open New Account -- win free Napkin!) should have been a clue that suits & ties fit both gentlemen and con men. Mama was right--appearances count. A reluctant witness once told me, " I wasn't going to speak about this case, but you look legitimate-- such a nice suit . . ."

Tags: hedge fund, asset search