Tremont Group, a Madoff feeder fund, settles for a billion

Of course, that’s just a settlement with Picard, the Madoff Trustee. Walter Noel’s Fairfield Greenwich Group reached a similar agreement but that still leaves plenty of private lawsuits to resolve. I’ll admit to some confusion – I’d thought that feeder fund customers were ineligible to participate in the Picard suit. Perhaps I misunderstood.

UPDATE: here’s a clearer article (from the NY Post, of all places). The settlement says that, in exchange for Tremont kicking in a billion, its customers who lost a total of $3 billion will be allowed in to the Picard recovery.

7 Comments

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7 responses to “Tremont Group, a Madoff feeder fund, settles for a billion

  1. Walt

    Weasel Boy –
    You know what I don’t understand? Well, actually, one thing I don’t understand.
    Why you are so troubled by this whole Madoff thing. You are looking at it through shit covered glasses, me thinks. Like you do everything!! Allow me to elaborate, if you would be so kind.
    All of the investors in my fund were very wealthy people. Not a widow or orphan among them, I am proud to report!! So what made them happy? Getting a piece of stupid paper each month showing they had more dinero’s than the month before. How frigging stupid is that? What is money made for?
    Being that you neveractually had any, you probably don’t know the answer. So kindly allow me to tell you. TO PISS IT ALL AWAY!!! Yes, THAT IS RIGHT!!
    Keeping money tucked away is bad for the economy. You need to buy stuff, so people can make stuff, and everyone has a job!! That is the American way. The greedy bastards who kept it all tucked away in my fund, never spending, were hurting the ordinary American. Those scum. You know the old saying, right? Money is like shit, it is meant to be spread around. We actually printed that on the cover of all of our marketing materials at FGG!! I think it was my only FGG contribution!!
    Now look at my partner, Tucker. He spent MILLIONS on thoroughbreds. Which created jobs. I always thought that was a stupid way to spend though, because you can grow your own Fillys. Just like I did. I got five for free!! At least until I gave them credit cards.
    Now look at Warren Buffet. That moron lives in Nebraska, in a house he bought in like 1957 for probably a mule and a beer. He eats at DQ. WHAT A WASTE!! HE SPENDS NOTHING!!
    Andres tried forever to get his money to invest. I guess he just didn’t know any “Farmers Daughter” jokes. I always felt I could have sealed the deal, because I got tons of them, but there is NO WAY my ass is going to Nebraska.
    And Andres was a one man economic stimulus package. THAT KID COULD SPEND!! Yachts, planes, hookers and blow!! I taught that kid well. He really knew how to piss it away and help the economy.
    So I hope this helps you see we were all just doing our part to help the economy. I know you may not be able to understand this complex macro economic theory. It can be complex. You dirt selling Dummy. But the basic message is I don’t care a rat’s ass about money, but the shit it can buy is really fun!! You know what may help you understand it? A real life simulation!!
    Monica is in Palm Beach. We private jet down to Mustique for the weekend. I will invite some of the Beemers Hotties!! Yes, Dude, I will invite your favorite nude Ballerina, One Legged Lucy. So what do you say?
    You in? I will buy you a tee shirt too!!
    Your Pal,

  2. Out Looking In

    But not the same outcome for FFG gurus…Tremont onloaded on Mass Mutual, which has to pony up the cash…the former Tremont owners, the ones that put the odious funds in place, are still fat, rish and happy…who says crime doesn’t pay?

  3. Inagua

    Out – I believe you are at least partially mistaken. Robert Schulman, the founder of Tremont who sold it to Mass Mutual in 2001, is listed as a paying defendant.

  4. Mr.Independent

    The NY Post has long had an excellent business section.While it does not get nearly as much space as the Times, it chooses its stories well and does good analysis.

  5. Out Looking In

    Thanks for the correction Inagua..you are 100% correct…and Sandra Manzke as well !! I must have missed it- but here is the press release and accompanying story
    http://madoffmemos.blogspot.com/2010/12/bernie-madoff-picard-sues-tremont.html
    In this case, crime won’t pay for many!!!

  6. Inagua

    Out – I don’t think Manske is included in the Tremont settlement. She was sued, but for some reason she does not appear to be part of the settlement.

    http://www.madofftrustee.com/CourtFilings.aspx