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Posted by Zarlot531 on December 17, 2008, 4:32 pm
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I'm not saying it makes it right or that it really matters so much,
but I'm just curious really... these investors in the Maddoff case
were told they would receive X% per year "return" on their
investments... of course, what does return mean here and what were
they really "investing" in? Did they just hand money over and were
told to expect so much? Or did they receive stock of some sort? Is
it the case that it is possible that financial statements could still
be in conformity with GAAP yet there be a pyramid scheme going on?
Is it the auditors' responsiblity to catch pyramid schemes?
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