The Devil’s Dictionary, updated for hedge funds, PE, subprime equity etc
Initial public offering: An exit route for alternative investment managers who expect the jig is up
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As an accounting student even I know that if an instrument carries a higher return then there must be higher risk to go with it.
It seems as though the councils' finance officers were too willing to place their trust in Grange without carrying out their own assessment of potential investments.
Considering the level of qualification required to secure a role in a council's finance team I would expect better of them than this.
Alexander Preston
Alexander