Sting in the tale told by history's big swindlers
馬多夫是信貸泡沫產物


FT專欄作家普倫德:歷史告訴我們,泡沫會滋生騙局。按照「需求決定供給」的凱恩斯法則,在經濟繁榮期,人們發了財,變得貪婪起來,便有騙子來利用這種貪慾。

This was, after all, a hedge fund that delivered implausibly consistent, and consistently good, returns. These were verified by a firm of auditors employing all of three people. Mr Madoff dealt through his own in-house broker, raising questions about custody of assets and internal control. Many experts felt the options trading strategy he claimed to pursue could not have generated such returns with so many billions under management. Why were professional as well as private investors taken in?

畢竟,這是一家回報率一直良好、穩健得令人難以置信的對沖基金。這些得到了一家只有三名員工的審計公司的證實。馬多夫通過自己公司的內部經紀人進行交易,從而引發了對資產託管以及內部控制的疑問。許多專家覺得,在管理著數十億資產的情況下,馬多夫自稱採用的期權交易策略不可能創造出這樣的回報。爲什麼專業人士和私人投資者都上了當?

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