Ah, about that due diligence…

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.

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