After Madoff, Funds of Funds Aren't Fun

Recently we quoted Yale's David Swensen:

"If an investor can't make an intelligent decision about picking [hedge fund] managers, how can he make an intelligent decision about picking a fund-of-funds manager who will be selecting hedge funds?"

Investors, institutional or private, who paid the Fairfield Greenwich group handsomely to invest their money with Madoff probably didn't make an intelligent decision. But as the NY Times reports, some Madoff victims are suing.

Thanks to its Madoff conncection, says The Wall Street Journal, Fairfield Greenwich collected hundreds of millions of dollars in fees.

P.S. Yes, I realize that, officially, Madoff's imaginary brokerage accounts weren't a hedge fund. But if you quack like a duck . . .