YOU ARE HERE: LAT HomeCollections


Where is their due diligence?

March 01, 2009

Re: "Investors cry foul after real estate deals go bust," Feb. 18:

As an independent futures trader, my daily due diligence is a routine part of my overall strategy.

Sadly, what is missing from your article -- and from all the coverage regarding Bernie Madoff and all the mini-Madoffs like Mr. Harkey -- are any comments on the lack of due diligence on the part of the investors.

How someone can give all or part of his savings over to a single investment or investor is beyond my comprehension.

To not even make a phone call to the Coastal Commission or to the city of Carpinteria, for example, regarding simple follow-up with the luxury condo project is sheer greed-over-common-sense on the part of the investors.

John Atkinson


Los Angeles Times Articles