bttt
Wait for the sobbing to begin about how the SPIC should bail them out or if that fails so should the US Treasury. These clowns were invested in a hedge fund. Hedge funds are created to minimize the oversight that is afforded mutual funds and brokerage houses. Assume that risk and take your chances I say. I hope they don’t see one penny from the USG or the peon investors who are left to deal with the common trading houses because they don’t have the sophistication, nor resources, to be in these investment pools. Pitt, former SEC Chairman was on Cavuto last night saying he thinks the SPIC should cover these clowns because it was not intended to be insurance against stock losses (hence money lost by Joe Blow on Enron was not an SPIC problem) rather to cover losses from thefts and defalcation from brokerage firms. As I said earlier, my view is that hedge funds, like blind pools, do NOT fall under the mantle of SPIC coverage because oversight of their operations was limited and the dupes knew that.