12-15-08 Charles Gradante on Bloomberg TV w/ Matt Miller Discussing the Bernard Madoff Scandal

Charles Gradante is one of Wall Street's most sought after opinion leaders on matters of the stock market, the global economy, hedge fund strategy and asset allocation. He is the Co-Founder of Hennessee Group (www.HennesseeGroup.com) and he is shown on Bloomberg TV's "Taking Stock" program with host, Matt Miller.

Noteworthy highlights from this particular interview include:

- Gradante presenting his theory on how Bernard Madoff defrauded investors out some $50 billion in the largest ponzi scheme on record

- Gradante articulates the case for hedge fund transparency so as to minimize fraud risks

- Gradante provided the historical context of Nick Leeson's fraud that brought down the formidable Barings Bank in light of the Madoff scandal

- Gradante recommends a series of steps that would reduce the likelihood of future similar frauds, including what he calls his "Third Party Fraud Audit" concept wherein institutions like Kroll Associates, who are experts in forensic accounting and the like, would conduct periodic audits on behalf of both the SEC and Limited Partners

- NAV calculations should be performed by third parties on at least a monthly basis for domestic U.S. hedge funds

- Accountants for hedge funds should be voted in my Limited Partners of hedge funds, and NOT by hedge fund managers




Hennessee Group LLC is a Registered Investment Adviser that consults direct investors in hedge funds on asset allocation, manager selection, and ongoing monitoring of hedge fund managers. In addition, in 1987 the company created the Hennessee Hedge Fund Index, the hedge fund industry's completely independent manager index. The Index has been in continuous use since 1987 and monitors a diverse community of 1,000 hedge fund managers representing essentially every existing hedge fund management style and strategy.

The firm, Hennessee Group (www.HennesseeGroup.com) is located at 500 5th Avenue, New York, NY 10110 (212) 857-4400

Category:

News & Politics

Tags:

• hedge funds
• china investments
• stock market
• bear market of 2008
• gold market
• short interest
• hedge fund performance
• hedge fund index
• credit default swaps
• default rates
• money center banks
• stagflation
• inflatin
• global economy
• derivatives
• alternative investments
• subprime loans
• credit crisis
• prime broker
• hedge fund consultant
• hedge fund perfoprmance
• stocks
• bonds
• options
• investments