an attachment to the Fairfield Greenwich Group fraud complaint that provided more details on how much the firm paid itself to send client money to Madoff. Now it’s clear why it took air-raid sirens, storm troopers, and a direct confession from the swindler himself to get the firm to notice that it was all just a Ponzi scheme.
Yesterday, we reported that Andres Piedrahita paid himself $45 million in 2007, and Walter Noel and Jeffrey Tucker gorged on $30 million apiece. The actual figures were $46 million and $31 million. (Massachusetts apparently rounded down for decorum’s sake.)
Last year was a lousy year, which explains why Piedrahita was on track to make only $27 million and Noel and Tucker $19 million. Thankfully, the 2009 forecasts showed an expected bounceback…to $48 million for Piedrahita and the normal $31 million each for Noel and Tucker.
And what a
bout FGG’s little people? Judging from the spreadsheet below, which Fairfield’s CFO emailed to himself, they did just fine. Of 16 employees, only one made under $1 million in 2007 ($710,000). Several made $10 million. The rest made between $2 million and $7 million.
Fairfield loves to point out that its employees also lost money with Madoff. This total, $60 million (if memory serves), was only slightly more than one firm employee, Piedrahita, paid himself in a single year.