Thursday, April 2, 2009

Oops! If the States start suing feeder funds this is going to get nasty

Madoff made money for his partners for 25 years. The feeder funds didn't do the jobs they were paid to do. They got paid for being investment advisers. Not doing your job is not criminal. You don't go to jail. You just get fired. Ask Rick Wagoner.

If everyone just does their job, things usually work out. Board of Directors protect and enhance shareholder value over the long term - not tommorrow's stock price. CEO's run the company. Designers design. Printer print.

from Reuters
Massachusetts regulator sues Madoff feeder fund :
"By Svea Herbst-Bayliss

BOSTON (Reuters) - Massachusetts' securities regulators sued Fairfield Greenwich Group, a major 'feeder fund' for Bernard Madoff's Ponzi scheme, accusing the hedge fund of lying to investors and not exercising enough diligence over investments that were worth billions of dollars."

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