Sunday, December 21, 2008

MassMutual getting defensive

MassMutual, which owns Oppenheimer founds, which brought Tremont funds, (after Goldman Sachs and Weil Gotches gave it is blessing) which sold Madoff's ponzi scheme, are now crying the blues, as if the executives who lost money inthe scam, were not culpable.

The CEO of Tremont said, "We were duped by a scheme that effectively fooled some of the most significant and smartest organizations in the world."

I suppose it's easy to fool somebody when no-one checks on the fox guarding the henhouse! Of course, Oppenheimer is mum on the due diligence they did.

And Mr. Madoff's name wasn't even in the feeder funds marketing material!