Wednesday, November 02, 2011

What's In Your Retirement Fund?

Superficial Pension Audits a Risk to Trust Banks and Others, reports American Banker. Precise valuation of interests in hedge funds and private equity must be difficult. How much of a discount do you take for illiquidity?

And what if the "interests" don't even exist?

Unlikely? Yes. Impossible? No. See The Emperor's New Securities.

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