Regarding Randy Maniloff’s op-ed “Ponzi’s Foundation for Madoff’s Pyramid” (April 16): As an attorney, I often object to boilerplate provisions in partnership agreements that give managers broad powers to distribute cash to investors. In light of the common-law requirement to only pay dividends from profits, these provisions developed to allow distributions from any source including “borrowings and investments from subsequent investors.” This allows a Ponzi scheme, I always object. Had Madoff simply made his distributions to existing investors from future investments without explanation and lies, his fate may have been different.

Daniel Kolber

Riverdale, Ga.

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