While you are correct that many companies and people got caught in this, I still think that Management erred in their policy parameters and in the high percentage of the Company cash used.
It also seems to me that many have misunderstood RG's statement. It was at DB's sole discretion to invest in ARS or anything else fitting the "policy" after we discussed with DB the " levels of diversification and risk the company was willing to accept", imo.
From letter:
"In November 2007, the board and our CFO outlined and approved an investment policy to allow certain of the company's funds to be discretionally managed by Deutsche Bank (DB), a large and reputable banking institution, in order to provide professional management of monies not immediately required for the day-to-day operations at the company. The policy appropriately outlined levels of diversification and risk the company was willing to accept. "
