Five years ago, Euromoney was catching up over lunch with a senior figure at a large European bank. Something was troubling him. His private bankers were reporting that emissaries from a large US-based hedge fund had been approaching wealthy European clients telling them that they had unearthed a secret formula to extract regular, risk-free returns from the stock markets.
Against all common sense, some wealthy clients seemed to be falling for this outrageous pitch.
Euromoney asked around the hedge fund community and got a similar response from several sources: are you sure this isn’t Bernie Madoff they’re talking about?
Madoff’s reputation was long established.
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