Thursday, December 18, 2008

More 2008 Irony

Fairfield Greenwich partners is/was a Fund of Funds whose purported reason for being was its expertise in vetting other money managers. Price Waterhouse Coopers is a public accounting firm with a mission of auditing the numbers as presented.

Fairfield was apparently Madoff's biggest investor, and the Financial Times is reporting that they are looking to sue PWC to recoup some of the money they lost. That in itself is a joke. Fairfield failed miserably at its core missions - asset allocation (as much as 50% of assets may have been with Madoff) and due diligence.

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