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You have to love this man - he is one of the all time great Gentlemen in this business.

Right now I am watching him do a Bloomberg interview, and when asked about Madoff, this was the straight shooter response (paraphrased):

"It was peer pressure... as we get older, we do less due diligence..."

Unfortunately, in this business at least, that is the process of some. Thankfully not all.
KM