From: Office of the President
Subject: Tufts and Bernard Madoff
To: Tufts Alumni
Date: Friday, December 19, 2008, 3:38 PM
December 19, 2008
Dear Friends:
I have promised to keep you informed when the economic news of these extraordinary times has special significance for Tufts. The news this past week has been dominated by a financial scandal of unprecedented scale and scope. I am sorry to report that Tufts is one of a growing number of victims of the crimes allegedly committed by Bernard Madoff.
Archive for December 2008
U.S. District Judge Louis L. Stanton signed an order last night requiring Bernie-boy Madoff to provide a list of his assets and liabilities by the end of the year, which will be helpful in assessing who does and does not deserve sympathy cards with regard to rectal prolapse. And speaking of the now destitute individuals of Adolf’s world? Some are taking it better than others! Although his Fairfield Greenwich Group had its ass torn out of the revelation that Madoff’s biz was a Ponz, Walter Noel is apparently still living it up, in velvet dinner jackets, no less. So that’s nice. Unfortunately, then we have killjoy Ezra Merkin, liquidating his Gabriel Capital LP:
- Posted in:
a horse walks into a bar
You Are A Big Bunch Of Thieves And Liars And I’m Not Inviting You To My Birthday Party
By Equity Private
“Your inferiority sickens me. My superiority makes it all but impossible even to endure knowledge of your existence. There is, however, at least this: all your scumbaggery makes you the prefect target for my indignant ire, my evolutionary perfection. Even the likes of the senior Goldman Sachs executive is not worthy enough to painstakingly moisturize in the slow evaporation of my bath water.
You have been trying to ignore me for years, but now, as I reflect the glint from my Nobel Prize from the back row into your eyes during your presentation on the dangers of Value At Risk models, I can hear the irritation in your voice. You cannot ignore me forever. Not anymore. Not now that the New York Times prints whatever I write without so much as editorial review. All your Op-Ed are belong to me. Me, do you hear me? My star is rising. My time has come. I will leave you as you once left me. Buried alive. Even now I can hear the rage rising in you. Before long, the echoing scream ‘Krugman!’”
The Madoff Economy [The New York Times]
The Wall Street Journal is reporting that “Six top Harvard endowment managers were paid a total of $26.8 million for the fiscal year ended June 30.” It should be pointed out that the endowment fund earned returns just south of 9% through June 30th next to double digit negatives for the S&P 500. Not bad. But it didn’t last, of course. The last 90 days have been brutal to most endowments, Harvard’s has been no exception shedding $8 billion (or around 22%) through early December. Somehow I doubt that any clawbacks are in the making for “Six top Harvard endowment managers” at year-end, whatever the endowment’s final figures end up being.
“You know I love you, so just stop it. How about you just tell me about your day at the office? Anything interesting happening? Anything at all? Video games, isn’t that what you were talking about last week? How’s that going. What? No, no reason. I just like to be a part of your life. You know, I like to be included. I like to, feel involved. What? No, who would I talk to? Secret, yes, I know. I know. Who would I tell anyhow? What? Maria? Maria who? Oh… her. Right. She was in Playboy? No! Get out! What do you mean? I had no idea. I swear. Well, I have lots of people’s numbers in my cellphone. I have Dick Fuld’s number in my cellphone, you think I’m sleeping with him too? Right. Ok then. So. Video games. What? No, I told you, I’m trying to be involved in your life. Wasn’t it just last month you were complaining about how distant I was? Well, this isn’t distant. This is close. I want to be close to you. Close to everything. Close to your work. Your deals. Your briefcase. You know. What? Of course I love you. You are my golden goo- er… my gorgeous girl.”
‘Golden Goose’ & The Pinup [The New York Post]
Free tonight? Depressed? Looking for a group of strangers with which to commiserate? Wachovia fixed income is holding its holiday “party” this evening at some place in Charlotte called Black Finn, to celebrate bonuses being down 95-97%. Starts at 4:30.
Earlier: Bonus Watch ’08: WB
FGG’s due diligence process is deeper and broader than a typical Fund of Funds, resembling that of an asset management company acquiring another asset manager, rather than a passive investor entering a disposable investment.
[...]
“Operational risk” refers to the risk of loss resulting from inadequate or failed internal processes, human resources, or systems, or from external events. Operational failures, including misrepresentation of valuations and outright fraud, constitute the vast majority of instances where massive investor losses occur. Other operational risks include staff processing errors, technology failure, and poor data.
Pricing models, as well as the adequacy, independence, and transparency of valuation procedures, contingency plans, and other trading and settlement procedures are all matters for close scrutiny by FGG professionals.
FGG seeks a sound understanding of whether a hedge fund possesses key controls in the areas of portfolio management, conflicts of interest, segregation of duties, and compliance. FGG carefully assesses the controls and procedures that managers have in place and seek to determine actual compliance with those procedures, often suggesting modifications, separations of responsibilities, and remedial staff additions.
Excellent diagram after the jump.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
