Wrong. RIEF and RIFF. http://www.portfolio.com/views/blogs/market-movers/2008/12/04/jim-simonss-incentives Although it is highly unlikely that Rentec is involved in any such shenanigans. Then again.....
Well, RIEF and RIFF are seperate from Medallion or Nova, needless to say RIEF and RIFF are relatively new. But yes... you're right (But... but... I did write... "Medallion"), RenTech manages OPM for 2 of their funds.
Yes, I am aware you did explicitly state "Medallion", however, RC's question was whether people would start questioning Rentech, and your reply either conveniently or completely unintentionally neglected to include Rentec's funds that manage OPM and appear to be down YTD BTW.
I think the Madoff story sounds funny as well. I suspect: * His exit strategy was planned years in advance with lawyers. * The lock and key secrecy that has been reported was planned years in advance to give the sons plausible deniability. * Having the sons turn him in was designed to inoculate them. * He was probably making a pretty good return on the money that was invested with him for most of the time. Some principal may have been used to pay returns, but billions survived and has been diverted elsewhere. * He had help, probably from the sons but also probably from others.
Listen, there is nothing new under the sun and because this type of behavior is human it has happened in the past, is happening as we speak, and will continue to happen in the future. Getting caught hasn't prevented, nor will prevent, future greed based scams. They (not all) will be exposed and it will be a case of 'rinse and repeat'. Your spidey sense is just common sense.
you that these are bad ass people when they rip off charitable foundations and university trust funds. that is bad ass. really bad
Didn't some of these institutions use these "assets" as a basis for margin? I don't see why this hasn't become a bigger deal.
Thank God the regulators were there to catch this! Imagine if he had been able to carry this out for a long period? 100's maybe even 1000's of people could have been affected. I know that I will sleep much more soundly now. PS. Special kudos to Chris Cox and that ever vigilant, hardworking crew at the SEC.