"due diligence" Is a term most often used in industry to can contract Managers when stuff goes wrong and someone must hang. They have to pin it on someone so. MR.mrs MS xxxx you failed in due diligence as a free will contract manager you contact is canceled .
Keep sending letters that is the only hope we have of ELIO getting a loan. They will not get it based on it being the right thing to do.
Hey, Smitty, while I think writing letters is a good idea, you're getting waaayyy off the beam here and in your previous post about Gov't programs being universal failures. Some are, some aren't.
Due diligence is not just a catch phrase to point fingers at failure. Due diligence is the level of care (and in some cases, specific steps) people are supposed to use in vetting financial transactions for soundness. Failure to exercise due diligence leads to problems, some of them catastrophic. Due diligence is something EVERY consumer should do when evaluating a purchase, especially major ones. If it's your own money, due diligence can save your butt. If it's other people's money, due diligence is essential to protect them AND YOU.
For example, suppose you are urging some investors to join you in buying Company A. You do your homework and discover there is a lake of used hydraulic oil on the property and 6-legged frogs are hopping around. You immediately tell your investors "the deal is very risky," talk to the folks running Company A, and find out if they're disclosing this problem or if they plan to do anything about it. That is due diligence.
Let's say you FAIL to discover the oil lake or FAIL to establish what is being done about it, so your investors are not fully informed, and proceed with the deal and then get burned when the company folds when it turns out the oil lake was actually the Love Canal, THEN you have failed do exercise due diligence and your ass is grass. As it should be.
Due diligence is what you do to prevent stupidity and greed from running the financial system unchecked. Failure to exercise it is sometimes criminal, and so it should be.