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One of Madoff’s feeder funds was Fairfield Greenwich who say they did enormous due diligence. The State of Massachusetts says otherwise in their lawsuit against them citing, among other things, a 2005 phone call between Madoff and Fairfield execs about how to manage regulators. Madoff: “Obviously, first of all, this conversation never took place, [...] Fairfield Greenwich, the mammoth hedge fund that lost $7.5 billion on Madoff “investments”, was told pointblank by a potential buyer in 2004 of concerns about placing money with Madoff. Yet they kept doing it. Thus, they were told, and ignored it. Says our tipster: Fairfield Greenwich “Stonewalled like you couldn’t believe.” Judging from everything [...] |  | ||||
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