Fairfield Greenwich Group is trying to play ball, but Massachusetts Secretary of State William Galvin isn't listening.
Instead, he's sending out notices to find all the investors who lost money with Fairfield as a result of its investments in Bernie Madoff's Ponzi scheme. The state does not intend to settle, though negotiations between the state and Fairfield are ongoing.
The latest development was Fairfield's offer to repay fully Massachusetts investors, but this doesn't seem to be enough now that there's blood in the water. Galvin is looking to go after the feeder funds in order to take care of investors who indirectly invested with Madoff. His office believes that some of these people may not have realized their money was being invested with Madoff.
But, the hunt for Massachusetts residents invested with Madoff is off to a slow start. Only a dozen or so have been found. Together, they account for less than $6 million invested.
I'm not at all opposed to the search for justice, but it seems like a political play rather than productivity, here (No! Not on Beacon Hill! Never!). If Fairfield is willing to buy its way out of trouble, why not let it? Isn't that what the wronged investors want anyway?
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Reader Comments (Page 1 of 1)
8-21-2009 @ 10:02AM
Ray said...
The whole American finacial sector needs to be watched Hardcore these outrageous so called performance bonuses in the multimillion dollar range are ridicuolous no one deserves a million dollar bonus not even professional athletes the higher the bonus the more they charge the average american in fees the federal regulators need to step in and set a salary cap on these greedy overpriced thieves before its too late remember the AIG bonuses were paid after the taxpayer bailout of a poorly diversified company sure if a company is financially sound and viable pay a bonus in shares of said company it will make each and every one of these greedy self indulgent worthless thieves work that much harder to ensure that the said company they work for never needs taxpayer help again now as for the federal goverment and state goverments they need to do evaluations on their workers need I say more ? ever been to a state or federal office and seen the slackers not working I sure have just yesterday while in the employment office I watched a state worker leave work and go to a wawa convenience store around 9:30 am why couldnt said employee stop before work instead of wasting time while he was supposed to be working I`d personally like to see federal and state workers starting salarys at the federal min wage watch how fast its raised nough said