One of the biggest suckers victims of Bernard Madoff’s Ponzi scheme was this town’s own Fairfield Greenwich Group. They claim to perform extensive due diligence before entrusting clients’ funds but I think those defrauded investors can’t be blamed if they wonder exactly how extensive that investigation was.
Update: Apparently the fund had $8 billion of its $14 billion entrusted to Madoff. Can you spell bankruptcy?
Update II: I’m also hearing that the town of Fairfield, CT had 15% of its pension fund invested with the guy. Can’t confirm that yet but if true, it won’t help our sister city’s mil rate.