The hedge fund industry

[Peoplesoft bloke]

The biggest clue was in his name.

[_V_]

It's ALL lies. All of it.

[BrilloPad]

Tremont’s Rye Investment Management unit had $3.1 billion, virtually all the money the group managed, allocated to Madoff, said the person, who declined to be identified because the information is private.

So what exactly were these ****ers doing for their cut?

Trouble is, in this day and age, this could bring us all to our knees.

I thought we were already on our knees?

[_V_]

I thought we were already on our knees?

With our knickers round our ankles. Or maybe that's just Anthea.

[Chugnut]

As they say, it's only when the tide goes out you can see who's been swimming naked.

I don't think "they" said that at all, you just made it up!

Let's run it up the flagpole and see if anyone salutes it.

[ThomasSoerensen]

I thought we were already on our knees?

now open up and say "aaaaaaahhhhhh"

[DiscoStu]

AtW's a clever cookie, if you'd only but look at it.

Not so clever he can figure out basic social skills

[OwlHoot]

now open up and say "aaaaaaahhhhhh"

Tricky when you're bent over the kitchen table ..

[AtW]

Tremont’s Rye Investment Management unit had $3.1 billion, virtually all the money the group managed, allocated to Madoff, said the person, who declined to be identified because the information is private.

So what exactly were these ****ers doing for their cut?

They were giving credibility to this scam, in effect they were a "broker".

What suprises me is that they invested the whole lot, certainly an interesting approach to risk management. Putting $3 bln into something and not doing proper due diligence, crazy stuff really - that scammer's firm had been "audited" by 3 employee unknown "audit" firm, and nobody asked questions why he produced such consistent 10-12% pa income despite recessions etc.

Then again no, I am not suprised: essentially hedge funds are unregulated banks, an easy way to bypass regulation and engage in all sort of risky stuff. Much like PFI scam this was designed to be kept off books.

[AtW]

He makes so many and only remembers the few that come true.

sassy asked me for specific prediction some weeks ago, so I told him he won't be working in the city by the end of 2009. I am standing by it - don't ask me how and when you will die, I predict that you won't like the answer.