The Fairfield Greenwich Group is a Fund of Funds [a Fund made up of a number of Hedge Funds], one of Bernard Madoff Investment Fund’s biggest customers/sellers/victims/perpetrators. Unfortunately, this is all their web site has on it right now:
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An Important Notice from Fairfield Greenwich Group
December 16, 2008 To Our Investors: We have had many requests for further detailed information from our investors. We are working to collect these questions and to respond to them in an orderly fashion. We understand that many investors, along with the many other investment firms and private investors, share our shock and dismay at the December 11 news of the arrest and charging of Bernard L. Madoff with federal securities laws violations. It appears to be a highly sophisticated and massive fraud – perhaps the largest in history. As we have said previously, we are currently assessing the extent of potential losses and will pursue on behalf of our investors the recovery of all assets associated with our accounts related to Bernard L. Madoff Investment Securities ("BLM"). We noted that as of November 1, 2008, assets under management at FGG totaled approximately $14.1 billion, of which approximately $7.5 billion was invested in vehicles connected to BLM. BLM is in federal receivership and federal authorities are pursuing their case against Mr. Madoff and BLM. We are seeking to gather all facts, work diligently with counsel to determine the appropriate course of action toward recovery, and stand ready to assist the authorities with their investigation. We will communicate with our investors as we have pertinent news. For now, we must ask for your patience during these difficult times and thank you for your continued support. Sincerely, Fairfield Greenwich Group
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Well, that’s not exactly true, there is something else – their logo:
On a standard normal distribution curve [light blue], they’ve superimposed another curve – skewed to the right [very skewed in fact]. To those familiar with such curves, it says, "we can beat the expectable odds [by a lot]." In retrospect, it’s just one of those little ironies that they chose such a logo. There are actually only a couple of ways that can happen consistently – insider trading or fraud [eg a Ponzi Scheme]. I’ve designed a new logo, to remind us of how it came out:
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