December 23, 2008 at 14:45 PM EST
Madoff Matters: Social Mood
When the Madoff scandal broke I offered that the ripples from this particular Ponzi would be pervasive. That has indeed proved true on a multitude of levels.The structural implications are massive. I speak with a lot of money managers and most of them have fielded additional redemption requests since the story broke. I'm not talking bottom of the barrel here either--folks who are up nicely on the year are still suffering as "fund of funds" sell their winners to finance the sinners.There's the psychological impact a "pile on" effect if you will after the integrity of the capital market construct was ...
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