Insults and injuries

On top of sinking performance figures, rising rates of investor redemptions and the rumblings of more invasive regulatory measures to come, the news of Bernard Madoff's massive $50 billion defrauding of multiple, sophisticated investors - wealthy individuals, international corporations and institutional pension and endowment managers among them - struck out of the blue, potentially opening a whole new front against an industry whose luck more and more resembles that of a mid-1970s Woody Allen

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