Laurel and TurtleTrader exchange ideas Saturday morning on truth:

Laurel: Your statement that Victor Niederhoffer and his partners declared bankruptcy is false. Niederhoffer has never declared bankruptcy. You are negligent in printing it, as bankruptcies are public record. Read the law on libel.

TurtleTrader: Where are we making this statement?

Laurel:

http://www.turtletrader.com/buffoons.html.

I don't have a problem with fair comment. Reckless disregard for the truth is another matter.

Turtletrader: if you read closely you would have seen: a.) that was not our comment but a 3rd party writer and b.) he was not declaring a legal judgement but rather writing a biting commentary about niederhoffer blowing up which is a matter of record...

to appease you we have removed the word bankrupt...so as not to confuse anyone...now please go back to writing more dribble that we

can rip.

best,

mike

Laurel: This is a fundamental, basic part of libel law. "Bankrupt" is a legal term. It cannot be considered "commentary." It is damaging to reputation. Turtle Trader put it into print. It doesn't matter that somebody else said it. A responsible organization would take it out immediately, or explain in an editor's note that Niederhoffer has never gone bankrupt.

Turtletrader: Knock it off -- you know how the term was used. It was used to describe a blow hard that blew up...not define a legal

judgement.

Laurel: Look, I have been in the news business for 20 years. No responsible organization would knowingly print a falsehood.

Turtletrader: We have already concluded you are not responsible. Our writing is clear about that.

oh we will explain this little interchange online for all to see today...thanks...

Laurel: Quite aside from the law, you just don't attack a person's reputation with lies. It's low, and it's dishonest. I conclude that TurtleTrader is not a responsible organization.

TurtleTrader: No one here knowingly printed a false hood...and per your request it was removed.

Laurel: Thank you. That is all I wanted.

Tel: +1 703 995 4375 (Reston, VA)

Fax: +1 703 995 0634 (Reston, VA)

Fax: +44 20 7691 7672 (London)

info@turtletrader.com

http://www.turtletrader.com