Fairfield Founders Begin Selling Assets, Report Says

[Joanne98]

The founders of Fairfield Greenwich Group, a New York hedge fund that invested heavily with the disgraced financier Bernard L. Madoff, are paring down their luxurious lifestyles amid huge losses and a slew of lawsuits against their firm, The New York Post reported.

Walter Noel and Jeffrey Tucker, two of the founders of Fairfield, have sold a shared interest in a private jet, while Mr. Tucker is looking to unload his horse farm near Saratoga Springs, The Post said, citing several sources.

Mr. Noel and Mr. Tucker have sold the one-sixteenth share in a Cessna 560XL they bought in 2006, saving the duo an $200,000 in annual maintenance fees, plus $2,000 for each hour of use, the newspaper said.

And Mr. Tucker, chairman of horseracing group Empire Racing, is considering listing his horse farm in Schuylerville, N.Y., with Sotheby’s real estate arm, for an undetermined price, according to The New York Post.

http://dealbook.blogs.nytimes.com/2009/02/09/fairfield-founders-begin-unloading-personal-assets-report-says/

[fasttense]

1. Give them a bailout quick, before they suffer the repercussions of a "free" market. n/t

[Joanne98]

2. Sick isn't it.

[barb162]

3. Hey, they can't be expected to count their pennies.

They're entitled. Bwa