Two slides from a Fairfield Sentry Ltd. marketing deck, published by the Wall Street Journal. Based solely on these slides, potential clients could be forgiven for concluding the following:
- The investment strategy was a Fairfield Greenwich Group strategy, not a Madoff strategy.
- Fairfield Greenwich simply used Bernard Madoff as a “broker”
- Fairfield Greenwich Group understood the investment strategy (despite other experts having deemed it impossible to achieve the reported returns with this strategy)
Perhaps the reality was clearer somewhere else in the presentation.¬† (FGG’s Sentry fees were 1% of assets and 20% of gains, by the way. Not the 1% and 10% that we had previously assumed. This fee structure presumably made FGG eager to present itself as the investment manager).