Today’s NY Times has an interesting article on XYZ. Had Veris Benchmarks™ been used by qualified investors, it is likely that a true catastrophe such as the Madoff case would have been avoided:
Yet it is hard not to feel sympathy for the net winners. For many of them, their Madoff accounts represented their life savings. To discover that it was all an illusion was crushing. It seems doubly cruel that they should now have to give some of it back. They feel punished for someone else’s crime.
Still, in all the fighting between net winners and net losers, what tends to get overlooked is that the big boys — the “deep pockets” who could actually afford to compensate the Madoff victims — are being allowed to walk away from the fraud.
Be sure to read the rest of the story here: