2008-12-15 — barrons.com
Other hedge-fund participants didn't view Madoff's operation as particularly sophisticated. A fund-of-fund operator who evaluated the Madoff operation and decided against investing with him in 1990 says he saw potential conflicts. First, this source noted, Madoff was unwilling to manage assets over which he didn't have custodianship, which is akin to investing and providing your own return information, an arrangement that raises immediate conflicts. This source says that Madoff also wanted to clear his own trades, giving him an unusual amount of control.
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