Learning from other’s experience

When Bernie Madoff went down last December 11th his largest co-conspirator, Fairfield Greenwich Group, kept its website up for days, allowing ghouls like me to capture images of its promises of due diligence. That will prove a mistake in the years of litigation FGG now faces.

Galleon Group will not repeat Walt Noel’s mistake, as Business Insider discovered when its editor attempted to access their page and got this: (Bess Levin suggests that they’ve taken down the page pursuant to a really cool re-do, but I think she’s being funny)

Galleon

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3 responses to “Learning from other’s experience

  1. Interested Observer

    After having his hands caught in the proverbial cookie jar, Raj has decided to shut down his hedge funds…not that he’s admitting to doing anything wrong, mind you. I’m betting the “various alternatives for its business” include attempting to cover his own butt. Might not be a bad idea since it’s almost time for Santa to slide down his chimmey.

    “A letter obtained by The Associated Press said Galleon Group LLP plans “an orderly wind down” of its funds while it explores “various alternatives for its business.” Portfolio manager Raj Rajaratnam wrote to clients and employees that he wants to reassure them the funds are liquid, meaning assets such as stock holdings can be converted to cash for distribution to fund shareholders.”

    http://finance.yahoo.com/news/Galleon-Group-to-shut-down-apf-3815856864.html?x=0

  2. KC

    I could not believe that Fairfield Greenwich left it up as long as they did. It made for fascinating reading. Even better, after reading analysis elsewhere, folks like me (who were a little slow on the uptake) could actually go back to the source documents. I don’t think that you were a ghoul at all. They were waving it around like a flag.