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Madoff Fallout Datapoint Of The Day

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by Felix Salmon
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Dec 19 2008 12:16pm EDT

Madoff Fallout Datapoint of the Day

From Robert Peston:

A well-known wealthy entrepreneur told me last night that he'd lost about 1% of his net worth on an investment in Madoff and is setting about getting his money back from every hedge fund that he's invested in.

I'm sure that this chap is well aware that hedge funds are not Ponzi schemes, etc etc. But it doesn't matter, he's taking his money out anyway, and I can't blame him one bit. He's already wealthy. Why take even a small chance of losing it all, for the sake of extra returns which you'll never spend anyway?

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