• 26 Jan 2009 at 2:35 PM

Dreier Touched Elliott Management In The Bad Place

By Equity Private

rsdss.jpgYou have to hand it to this guy Dreier. He really managed to scam some sharp folks. Or perhaps we have a very over-inflated view of the collective sharpness of hedge funds with famous names and big AUMs.

Elliott’s losses tied to the fraud accounted for less than 1 percent of the money it oversees, according to a person familiar with the firm.
“Elliott has been deceived more than once over the years, and it is likely to happen again in the future,” the fund said in the letter.

Elliott Hedge Fund Bought Fictitious Securities From Dreier [Bloomberg]
Earlier: Would You Give $50 Million To This Man?

Comments (16)

  1. 1
    Posted by guest | January 26, 2009 at 2:53 PM

    I am a mutual fund manager,
    what is gasbag?

  2. 2
    Posted by guest | January 26, 2009 at 2:56 PM

    who is the firecroch behind him?

  3. 3
    Posted by guest | January 26, 2009 at 3:07 PM

    No planes, parachutes or motorcycles = no read

  4. 4
    Posted by guest | January 26, 2009 at 3:46 PM

    EP, any haunting childhood memories for you? This touching in a bad place seems to be a theme….

  5. 5
    Posted by guest | January 26, 2009 at 3:48 PM

    @2 get it right he’s a ginger

  6. 6
    Posted by guest | January 26, 2009 at 3:49 PM

    @ep
    check the brand new bailout rap we posted.
    never before seen.
    gregg somerville.
    stockbroker thuglife.
    thanks.
    dailybail

  7. 7
    Posted by guest | January 26, 2009 at 4:00 PM

    I met a ginger named Ginger this weekend…

  8. 8
    Posted by Clown Capital | January 26, 2009 at 4:02 PM

    Thain’s about to spill his guts in t minus twenty…

  9. 9
    Posted by Anal_yst | January 26, 2009 at 4:26 PM

    To paraphrase, “We’ve been victims of fraud before, and we will be again, but its really annoying and gosh darnit we just don’t like it!”
    Awwww, poor babies. Wonder if they checked with Solow on the Prosissory notes, I mean, no flag that the lawyer was selling securities, or am I missing something…

  10. 10
    Posted by guest | January 26, 2009 at 4:30 PM

    The Bloomberg article actually referenced Dealbreaker … what’s next, citing wikipedia?

  11. 11
    Posted by guest | January 26, 2009 at 5:02 PM

    @ginger
    That’s his son, whom he promised to pay $15MM if he would spend the summer with him. No word on if he was adopted.

  12. 12
    Posted by guest | January 26, 2009 at 5:05 PM

    $12.5MM, my bad…
    http://biz.yahoo.com/ap/090121/ny_lawyer_arrested.html?.v=4

  13. 13
    Posted by guest | January 26, 2009 at 5:15 PM

    Guy looks like Charlie Sheen 15 years and 1000 hookers from now.

  14. 14
    Posted by guest | January 26, 2009 at 5:17 PM

    The ginger minger son was also trying to sell family assets while daddy was in jail. See Madoff boys, this is what a good son will do when the chips are down.

  15. 15
    Posted by guest | January 26, 2009 at 5:24 PM

    Guy looks like Charlie Sheen 15 years and 1000 hookers from now.

  16. 16
    Posted by guest | February 19, 2009 at 5:57 PM

    the ginger is his son, no better than his father

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