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Anyone See a Problem With This Picture?



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The New York Times has a piece out on Madoff and the “feeder funds” that sent him money. The conclusion of the Times piece:

People in the industry continue to question Fairfield’s due diligence. Michael Markov, a hedge fund consultant, said that he was hired by a fund two years ago to look into Fairfield Sentry’s returns and found that it was “statistically impossible to replicate them,” he said.

Mr. Markov said that he found only one hedge fund whose returns correlated to Mr. Madoff’s. That was the Bayou fund, which was prosecuted by the government for fraud in 2006.

The Times doesn’t do justice to the absurdity of Madoff’s historical performance. Here’s a picture from an email going around the financial community of the investment returns from one of the Madoff feeder funds. Red flag anyone?



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