Posted on 02/12/2009 9:39:08 PM PST by TigerLikesRooster
Stung by Madoff, hedge fund manager may sell farm
Wed Feb 11, 2009 3:25pm EST
By Scott Malone
BOSTON, Feb 11 (Reuters) - Many gamblers have been forced to sell financial assets to cover bets on horses, but it is less common for a lover of thoroughbreds to sell a farm because of bad bets on investments.
But that may be what is happening to the co-founder of hedge fund firm Fairfield Greenwich Group, which lost more than half of its assets in Bernard Madoff's alleged $50 billion fraud.
Hedge fund manager Jeffrey Tucker's horse farms near the 146-year-old Saratoga Race Track about 180 miles (290 km) north of New York City could be going up for sale, according to a real estate broker.
"We've been in discussions for several weeks with Mr. Tucker," said Bill Parker, a partner in Select Sotheby's International Realty of Saratoga Springs. "That's about all I can say."
(Excerpt) Read more at reuters.com ...
How this guy is still walking around is beyond me...The money flowed up...and there so many involved here....books will be written for years to come.
“The money flowed up...and there so many involved here....books will be written for years to come.”
as someone said earlier on FR, 50B is a fraud, it is at the level of foreign policy in terms of money. We will be lucky to get glimpses of the shadows the players cast.
Isn’t he locked in his house/home? Probably the “safest” place he could be.....with an armed guard, of course.
What hedge fund manager puts half of his eggs in one basket?
the same type that donated $2,300.00 to the "Bill Richardson for President" campaign in 2007. I wonder which scam he feels worse about :o)
PT Barnum said it best...”There’s a sucker born every minute”
Well, selling the farm is probably a lot better than buying the farm, no?
Living on 10% is good until you find out it's a ponzi scheme eh Kevin?
There’s a couple hundred or so around the world that have operated just like Madoff. That’s where the really story is. Those that handled the CDO’s, CDS’s, etc. too...it’s just on a scale of $3.5 trillion globally. I’ve always wondered how some US funds could routinely have a 3 yr market average return of > 55%. I checked into them....some were a $10 million minimum investment.
ping...more Bernie chaos
Long John Silver said it right about his money:"I keeps some here, some there, and none too much anywhere, by reason of suspicion."
What investor would put his money in a hedge fund that simply invests in another hedge fund? You're paying double commissions, at best. It seems like there is far more than one bad decision here.
Opportunity awaits! :)
You leverage a small difference in bond returns at 60:1 and you can get really high returns, so long as the asset continues to pay above the liabitlity. Then you don't. Given what we are learning about the frequency of climate change due to meteor impacts and volcanic erruptions you would be a fool to give 60:1 on the sun rising tomorrow, but hey, some folks made a lot of money and then stuck the taxpayers with the bill for this scam.
Dammit, you took my line, about ‘buying the farm’
Gotta be quick around here if you aspire to “wiseass” status, LOL.
Another FYI
People need to wake up to the scam, instead, police start arresting associates of a bong toking swimmer --- now that's real news!!!
I ask myself why the derivatives market was never regulated to begin with?? And why liar loans were colluded for implementation?
Someone needs to start a weekly TV program and base it on the above comments calling it "Hey! Watch Me Flip This $hit!"
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