#BahamasLeaks


Men in suits lie too

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 . . ."

Great assets of Bernie Madoff

Rumblings of massive asset searches underway worldwide (investors are not waiting for the feds to conclude work) for accounts linked to the businesses run by Bernie Madoff.

One question bantered about recently by veteran researchers: does Gramm-Leach-Bliley Act cover business accounts? More specifically, are businesses considered "customers" under the act and thus protected by the sort of tactics once used to find assets hidden by scam artists like Madoff? General counsel for one large firm advised me the act does cover business accounts, but others disagree--off the record. No one wants to be the test case.