Henry Blodget looks closer at that FGG pay schedule

His conclusion? “It sure didn’t suck to work for Fairfield Greenwich Group”.

Last year was a lousy year, which explains why Piedrahita was on track to make only $27 million and Noel and Tucker $19 million.  Thankfully, the 2009 forecasts showed an expected bounceback…to $48 million for Piedrahita and the normal $31 million each for Noel and Tucker.

And what about FGG’s little people?  Judging from the spreadsheet below, which Fairfield’s CFO emailed to himself, they did just fine.  Of 16 employees, only one made under $1 million in 2007 ($710,000).  Several made $10 million.  The rest made between $2 million and $7 million.

Fairfield loves to point out that its employees also lost money with Madoff.  This total, $60 million (if memory serves), was only slightly more than one firm employee, Piedrahita, paid himself in a single year.


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5 responses to “Henry Blodget looks closer at that FGG pay schedule

  1. Walt

    Chris, Chris, Chris;
    Didn’t your mother ever tell you that folks judge you by the company you keep? Do some due diligence, my friend. It’s not hard to do. Mr. Blodget is BARRED from the securities industry. Yet you keep using him to bash me. It is a disgrace.
    Anyway. About the pay. We work on a commission schedule, Chris. You remember those, don’t you? HAAAAA!!!! Sorry Buddy.
    And our rate structure is less than a low life real estate schill, so put a lid on it. You know how expensive it is to live in Fairfield County. So we had to pay the help. We could have kept more, of course, but that wouldn’t have been fair to the little people. If it makes you all feel any better, I don’t pay Cabana Boy SQUAT!!! Ok – you all happy now? Get off my friggin back.
    These law suits are nothing more than a nuisance.
    But I let Tucker do all the work. It was his job to do the due diligence, for Pete’s Sake. I just smiled a lot and shook hands. No crime in that!!
    Anyway, OFF TO THE BEACH!!!
    Your Pal,

    • christopherfountain

      Gee, Walt, maybe you should ask Henry on how to start a blog or otherwise occupy your time just in case, you know, you were also barred from the securities industry. Henry could use a free lancer with your talent and, if he was really the player he seems to have been, probably would let you bring that thermos of Mojitos with you to work!

  2. Walt

    You know what my friend, my starting a blog is actually not a bad idea. I have the perfect name for it – “Horse Sense”!!!! Beats “For What It’s Worth”, right? Genius!!!
    Your Pal,

  3. Anonymous

    Henry Blodget; how sooon you all foget (or maybe you’re not that seasoned): he was one of the biggest crook analysts that contributed heavily to the internet bubble fiasco..

    What’s that Henry – AMZN price target $1800! we heard it here 1st

    • christopherfountain

      It’s a human failing I know all to well, I’m afraid. While it may “take one to know one”, there’s also some ancient wisdom about removing the mote from one’s own eye. I tend to forget that more than I’d like to. But yeah, ol’ Henry was indeed a crook.