Society family embroiled in Madoff scandal

Most of these people like Noel are utter incompetent idiots, they use their connections and standing to get where they are. I am amazed that they are able to succeed in anything. A FOF anything over 10% of its assets (let alone 100%) in any ONE investment or hedge fund or manager is outrageously retarded. He should be sued to smithereens by his investors (who are equally dumb for going along with that to begin with). And if you are going to do so, you got to do some diligence. He did none. He asked no questions. Three huge red flags: (i) money manager and custodian is same, (ii) secrecy, (iii) auditor is a tiny little firm with no other clients (that alone is clue to some wrongdoing), and (iv) you cannot be investing in equities and produced absolutely smooth (almost straight line) returns with a near 0 correlation to the equity markets...it is mathematically IMPOSSIBLE. PERIOD. END OF STORY.

The fact that FGG touted that very last fact as the centerpiece of their marketing is an indication that (i) they are spectacularly dumb, (ii) incredibly cavalier with their investors' money, and/or (iii) in cahoots w/ Madoff in the scam.

This has been an embarrassment to the profession. Madoff should already be in jail and not in bracelet w/ curfew.