I don’t know who Fairfield Greenwich Group thinks they are fooling in the recent court ruling alledging them of colluding with Bernie Madoff, but they must be trying an April’s Fools joke.
Bloomberg reports
“Fairfield Greenwich Group had no business relationship with the Town of Fairfield, its pension funds or employees,” Thomas Mulligan, a spokesman, said in an e-mailed statement. “Contrary to allegations in the Connecticut lawsuit filed on Monday, FGG conducted extensive monitoring of its clients’ investments with Bernard L. Madoff Investment Securities but, like others, was victimized by a sophisticated fraud.
If they conducted this extensive monitoring, than they are incompetent in their due diligence. Several independent analysts have written for years that Madoff must be a fraud, and they didn’t have the access that FGG did. Come on FGG. Don’t be cowards, own up to your thievery and greed.
From the AP: The town’s joint pension board, which provides benefits for about 1,500 active and retired Fairfield workers, had invested a net of about $15 million with Madoff since 1997. It was led to believe that as of last November, that investment had grown in value to $42 million.
Recent Comments