{"id":9793,"date":"2009-02-04T00:00:00","date_gmt":"2009-02-04T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"treasury-select-committee-mps-accuse-funds-of-cashing-in-on-misery","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/02\/2009\/treasury-select-committee-mps-accuse-funds-of-cashing-in-on-misery.html","title":{"rendered":"Treasury Select Committee MPs accuse funds of cashing in on misery"},"content":{"rendered":"<p>Times Online &#8211; The Massachusetts Pension Reserves Investment Management Board, which oversees $38 billion, voted to fire hedge-fund firm Austin Capital Management after losing $12 million with alleged Ponzi scheme operator Bernard Madoff. <\/p>\n<p>The state pension board also decided at a meeting in Boston today to dismiss Ivy Asset Management, the hedge-fund unit of Bank of New York Mellon Corp., because several senior managers have left the firm. About $430 million in pension assets were invested with Ivy and $130 million with Austin, the board said. <\/p>\n<p>Austin invested pension assets with Tremont Partners, the hedge-fund unit of Massachusetts Mutual Life Insurance Co. Tremont placed money through its Rye Select Broad Market Prime Fund LP with Madoff, the New York financier accused of fraud in a scheme that may have cost clients $50 billion. <\/p>\n<p><strong><a title=\"Read Complete Article\" href=\"http:\/\/business.timesonline.co.uk\/tol\/business\/industry_sectors\/banking_and_finance\/article5600917.ece\" target=\"_blank\">Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Times Online &#8211; The Massachusetts Pension Reserves Investment Management Board, which oversees $38 billion, voted to fire hedge-fund firm Austin Capital Management after losing $12 million with alleged Ponzi scheme operator Bernard Madoff. The state pension board also decided at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[5146,5144,1771,1813,1913,4817,797,1562,6909,3665,6911,4404,2842,4257,3745,4248,1180,6912,6910],"class_list":["post-9793","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-bank-of-new-york","tag-bank-of-new-york-mellon","tag-bank-of-new-york-mellon-corp","tag-broad-market","tag-capital-management","tag-financier","tag-fraud","tag-investment-management","tag-ivy-asset-management","tag-life-insurance-co","tag-management-board","tag-massachusetts-mutual-life-insurance","tag-mutual-life-insurance","tag-pension-board","tag-pension-assets","tag-ponzi-scheme","tag-prime-fund","tag-senior-managers","tag-state-pension"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=9793"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9793\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=9793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=9793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=9793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}