Friday, January 05, 2007
Very, Very Hedged Fund
A former college student who posed as a Turkish heir and persuaded sophisticated investors to pour millions into a nonexistent hedge fund was released on bond Friday.The article is hilarious. Read it. Is it that the richer they are, the dumber they get? Anyone who knows anything about Turkish finance scandals should have thought twice, even if they believed Hakan was genuinely rich.
Hakan Yalincak's release on $1.1 million bond until his Feb. 14 sentencing followed three unsuccessful bond requests.
"This has been a learning experience," said Yalincak, who pleaded guilty in June to bank and wire fraud and faces up to 50 years in prison.
Poor ol' Hakan is just "failing forward" Casey style, I suppose. "It's all good!" "Mistakes are only sins when not admitted!" Have we bred an entire generation of pablum-spouting scammers?
In Greenwich that's a junior investor.
Can't you find me a bigger scandal like.....
"Goldman Sachs(or Lehman Brothers) found to have huge accounting fraud"
Or something of that nature?
Lehman might be working on a scandal, but we won't know for a few more months.
The thing is, it's very hard to shame WS firms.
That all depends on what the meaning of "is" is...
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