I'm not suggesting that Dealbreaker readers are easily taken for a ride, but with every other firm turning out to be a scam, the odds are mounting that at least a handful of you are going to be had, sooner or later. One of your brethren, who had the opportunity to be taken by the good people at Fairfield Greenwich, recently made a trip up to the CT branch of the Madoff Movie of the Week, in attempt to assess what was what re: losing everything. His recounting of the Fairfield and Friends' bedside manner is after the jump. It's almost hard to believe he's talking about WASPs, whose sensibilities you'd think would keep them contained within their personal Cheeveresque hells before recounting the hard times they've fallen on in front of someone outside the inner circle.
This will come as no shock whatsoever, but they are arrogant pieces of shit. I got there, and not one word of apology. Instead, they started complaining about how life has become difficult for them. There are 3 significant lawsuits filed against them apparently (their counsel told me this). Heavy redemptions from all funds (they are dramatically selling off assets within them - due to both deleveraging of the funds as well as redemptions).
Office was completely empty - some of the junior staff were arrogant as hell until they realised I was a client, then they were complete suck ups. Disgusting bunch of people.
One general interest point was that several shareholders are unlikely to file for reparations from the SIPC - either due to tax specialist issues from friends over in the tax haven jurisdictions or outright tax evaders . By filling in the forms they put themselves under the jurisdiction of the US, and if they are net redeemers from Madoff (rather than contributors), it actually makes sense to take the loss. I believe [redacted] ( a feeder) has decided not to file in this context.