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How can Lancelot justify having all of their hedge fund exposure invested solely in Petters. This begs the question as to what if any mechanism were in place to police the investment activity of Lancelot. I mean what was used to hedge the 100% of Petter exposure. This is the case where Lancelot should have named its fund Lancelot speculative fund not hedge fund. I just hope the investors in Lancelot HF do more of there homework next time.
WHERE WAS THE DUE DILIGENCE? THEY ARE JUST AS CRIMINAL......
Follow the money. Let's see how Mr. Bell's networth has climbed since he invested 100% of his fund into one company.
Rule # 1 in investing: Diversify
Investing your billion dollars of other peoples money into a single discount merchandise company? And Royal Bank of Scotland - do you check at all what your money is invested in? Banks have their own audit staff!
As I said in a comment on the day this story broke, the accountants and lawyers had better dust off their insurance policies because they are going to pay through the nose and be put out of business. Every accounting firm in this sad state of affairs should be held liable and no crying when they say that the Petters Group banded together to defraud them. How much effort does it take to look at an account that is supposedly earning 90% interest per year? Any first year accounting graduate would recognize the impossibility of such a loan and be suspicious. Even Tom Petters was surprised that it went on so long without being discovered.
hey, no problems, I've invested all the retirement funds for the Professional Rifleshots Of America foundation with Bill's bank. he puts all the deposits in the right pocket, takes all the withdrawls out the left one, you always know where you stand with my ol' buddy Bill. uh, hey, wait a minute, fellas, what are you doing?
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