What is the Sound of D.E. Shaw Clapping?
From the FT, this financial zen revelation:
DE Shaw, one of the largest US hedge funds, plans to appoint independent administrators to provide third-party checks that its investments exist, in an effort to reassure investors panicked in the wake of the alleged $50bn Madoff fraud.
Next we need someone to check and see if the S&P 500 exists. I haven’t seen it in a while.
