who is swimming naked

The title is the ending of one of Warren Buffett's favorite sayings " It is not until the tide goes out that you find out who is swimming naked." The tide has gone out in the short term money arena and a few folks are looking redfaced. The Wall Street Journal discusses the SEC looking at irregularities at Sentinel Management Group. This is likely to be only the first not the last instance of suitless swimmers. Thanks to Between The Hedges for pointing out this article.