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Reuters – Many gamblers have been forced to sell financial assets to cover bets on horses, but it is less common for a lover of thoroughbreds to sell a farm because of bad bets on investments.
But that may be what is happening to the co-founder of hedge fund firm Fairfield Greenwich Group, which lost more than half of its assets in Bernard Madoff’s alleged $50 billion (34 billion pounds) fraud.
Hedge fund manager Jeffrey Tucker’s horse farms near the 146-year-old Saratoga Race Track about 180 miles (290 km) north of New York City could be going up for sale, according to a real estate broker.
New York Post – The founders of a New York hedge fund at the center of the Bernard Madoff scandal have begun selling assets as their firm faces massive losses and a slew of lawsuits, sources told The Post.
Walter Noel and Jeffrey Tucker, co-founders of Fairfield Greenwich Group, a New York hedge fund that lost a whopping $7.5 billion to Madoff’s alleged Ponzi scheme, have been forced to curb their lavish lifestyles amid mounting doubts that the firm can survive the firestorm.
The pair recently dumped a shared interest in a Cessna 560XL private jet, according to a person close to the firm.
Ananova - Royal Bank of Scotland says it is facing a potential loss of £400m after a Wall Street banker was charged with a massive alleged fraud.
US prosecutors say Bernard Madoff has confessed to defrauding investors of $50bn (£33bn) in a giant pyramid scheme that collapsed in the global financial crisis.
RBS, in which the British government now has a majority stake, says it has exposure through investments in hedge funds that invested with Mr Madoff.
It is one of a number of banks that face big losses in the suspected fraud.
Santander, the Spanish bank that owns Abbey and Alliance and Leicester, said it had more than 2.3bn euros (£2.08bn) worth of exposure.
