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.