That settles that

As (the original) Fake Walt points out below, Frontline’s story on Bernie Madoff and Fairfield Greenwich Group’s involvement in the fraud was entirely inaccurate and false, in so far as it related to FGG’s participation, so, according to this press release, we should all give up and go home, after issuing a nice apology to Walt. If they say so it must be true, so apology duly noted. I remain just a tad skeptical, though, and I’m not entirely convinced that this bit is going to take FGG completely off the hook:

The Frontline program contained several other stark errors, as well. For example:

  1. Frontline inaccurately portrayed a December 2005 call between Madoff and FGG personnel, in preparation for an interview with the SEC. Frontline failed to disclose that, prior to the call, FGG had requested permission from the SEC to speak with Madoff, and that FGG people discussed the Madoff call with the SEC afterward. Most important, records clearly show that FGG personnel responded truthfully to all of the SEC’s questions.
  2. Frontline erroneously portrayed an on-site visit to Madoff’s office by FGG executive Jeffrey Tucker, implying thatTucker never received verification of Madoff’s trading. In fact, Tucker was shown an electronic screen with DTC records of Fairfield client trades.
  3. Frontline erroneously reported that FGG’s due diligence operation was located solely in Bermuda. In fact, as Frontline producers were informed, FGG professionals actively monitored the investment with Madoff and conducted due diligence both in Bermuda and at the firm’s New York headquarters.

Look: Ican certainly understand how a genuine “electronic screen” could fool even a trained investor – happens to me all the time – why, just last fall, I saw a Patriot fumble on the five yard line and I tried to pick up the ball through my plasma screen and run it in for a touchdown. Boy, was my face ever red! But I wonder whether the defrauded investors will be so understanding. They should be, of course, but sometimes, when $7.5 billion is lost, people just aren’t as kind as they otherwise might be.


Filed under Uncategorized

12 responses to “That settles that

  1. Fake Walt

    Christopher, since you are using sports metaphors, I will go ahead and share one with you and your readers. A baseball player would have to be hitting .925 for 10 years in a row to rival Madoff’s success. I guess you could say I supplied Madoff with Steroids. Despite the recent turmoil of markets and the massive global demand for redemptions by investors terrified by the credit crisis, I am calm and collected, as usual. I’ve been working on my golf game.

    Off to Barbados

    Kind regards,

    Fake Walt

  2. Inagua

    The funniest part of the FFG press release is the claim that “FGG performed …. price checking, and asset verification.” Madoff statements routinely reported “trades” at prices not actually achieved on a given day, and FGG never verified any assets because there were never any assets to verify.

  3. Thin excuse

    At least Tucker’s 11th hour letter to Madoff was a couple pages long.

    I expected more from the Noel PR gurus. One page or less. That’s it. Can’t waIT TO SEE THE BILL.

  4. noel foreign addresses

    the only thing new on PBS Frontline on noel’s was a quick glance at x-mas card tiffany embossed 205 style envelope addresses like “Somontes 9, Madrid” (probably corina and andres) and “63 chestnu…” (probably london address for same people). noel should become a realtor, he only knows the best addresses.

  5. I missed seeing it. Does anyone have a web address for a second chance at catching it?

    • christopherfountain

      A reader sent a link in the comments – I’ll dig it up and repost it more prominently

  6. Walt

    Dude –
    You are spot on regarding your observation of people. We at FGG made a little mistake by trusting Bernie, and everybody gets all pissy. Can I say pissy? So what is that about, anyway? Get over it already.
    Anyway, I have given up trying to figure people out. Now that I have been fully vindicated for all to see, the only thing I am thinking about is where to have lunch. That is a much better use of my time.
    I was going to do Thataway’s and sit outside for all to see – and accept apologies – get in line Dude – you owe me a big one. But the quessadilla’s? K sa dias? Oh forget it. The Mexican food may pop the pampers.
    So I am thinking French. What’s the name of that French place in the Hotel on the harbor? Meet me there – my treat. I don’t care about money like the rest of you weasels. And you, my commission deprived friend, can eat the crow.
    Your Pal,

  7. Missed Frontline

    Here you go Due Diligence — enjoy.

  8. Question authority

    The Judge will laugh. Feeders treated madoff like the teacher you could not question. Didn’t they learn not to trust anyone over 30? The fools.

  9. pulled up in OG

    Michael Bienes was the star of the show. Him and the Real Fake Walt would make a pair a full house couldn’t beat.

    Martin Smith: How was he doing that? [Madoff returning 20%]

    Bienes: I don’t know. How do I know? How do you split an atom? I know that you can split them; I don’t know how you do it. How does an airplane fly? I don’t ask.

    Smith: Did you ask him?
    Never. Why would I ask him? I wouldn’t understand it if he explained it.

    Full text of Michael Bienes interview:

  10. Sciens-it is all greek to me

    looks like noel will be in with the greek diner folks