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December 17, 2008

All Business: Will scam trigger hedge funds collapse?

  • Bernard Madoff's self-described $50 billion Ponzi scheme — and the lack of due diligence it reveals — could seriously rattle investors in the $1.7 trillion industry.
    AP Business Writer

    NEW YORK — Bernard Madoff's self-described $50 billion Ponzi scheme will likely go down as the biggest financial fraud that happened right under people's noses.

    This isn't just a story about wealthy country-club patrons who got duped on the golf course, though there are plenty of them. Hedge funds, too, overlooked the red flags that could have tipped them off to the risks of investing with Madoff.

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