Some very good minds from around the world thought so much of Bernard MadoffÃ¢??s returns that they actually begged him to invest their money. Others thought they smelled a rat when his returns didnÃ¢??t contract with market downturns, and quietly stayed away.
KSM didnÃ¢??t directly invest with Madoff. It placed the money with another firm, which sent the money to a third firm that in turn invested with Madoff.
To what extent do you blame KSM, or its parent, Katz Sapper & Miller, for the nightmare? Any lessons to learn?