The illustrations of Bernie Madoff and Warren Buffett used on CIO’s February, 2015 cover and in the article entitled “The Riddle of Tampa Bay,” were not intended to suggest any similarities between Bowen, Hanes or its principals and either man. We generally intended to depict the polar extremes of the asset management industry. CIO is not aware of any facts to support a comparison of Bowen, Hanes or its principals to Madoff or to suggest that they have engaged in any fraudulent or illegal conduct, and the article did not contain any such facts. We have removed the illustrations from the article to avoid any misinterpretation. To the extent we may have unintentionally led our readers to believe that Bowen, Hanes or its principals were similar to Madoff, or that they engaged in illegal or fraudulent conduct, we apologize.
We included in the original version of the article the following quote: “‘In my opinion,’ he wrote, ‘it is impossible for participants in the fund to assess the integrity of the plans’ investment or the plans’ ability to pay.’” Upon further review, we have removed it from the article.
The original version of the article misstated the frequency of the Tampa plans’ audits: they are annual, not every two years. We have corrected the article accordingly.
Finally, CIO is unaware of any past or pending SEC or other regulatory investigations or violations involving Bowen, Hanes or its principals.