Cioffi & Tannin, Bankers That Broke The World, Part 2

In an obvious attempt to mollify the investor and hopefully persuade him to stay the course, Ralph told the investor that he and the other portfolio managers had $8 million invested in the Funds and that this represented one-third of their liquid net worth, but he neglected to mention his own recent withdrawal of $2 million from the Enhanced Fund.

It didn't work, and one can only imagine how Ralph and Matt felt that next day when the investor notified the pair that it would be redeeming its entire investment in the Funds. The amount of that entire investment was $57 million. The lies weren't working anymore.