Showing posts with label madoff. Show all posts
Showing posts with label madoff. Show all posts
Tuesday, December 23, 2008
Thierry de la Villehuchet: Madoff Investor Dies After $1.4 Billion Lost
Did Thierry de la Villehuchet kill himself? - Huff Postt: “Rene-Thierry Magon de la Villehuchet was found sitting at his desk at about 8 a.m. with both wrists slashed, New York Police Department spokesman Paul Browne said. A box cutter was found on the floor along with a bottle of sleeping pills on his desk. No suicide note was found...”
Wednesday, December 17, 2008
More San Francisco fallout from Madoff collapse - SFGate.com
More local fallout from Madoff collapse From SFGate: “With reference to the unfolding $50 billion alleged Ponzi scheme perpetrated by Bernard Madoff, the following e-mail was sent to a number of Bay Area institutions Monday:
Dear Colleagues:
I regretfully write to inform you that due to a sudden financial crisis and the resulting loss of funding, the JEHT Foundation has stopped all grant-making effective immediately and will be closing its doors in early 2009. Unfortunately the funds of the donors to the JEHT Foundation were managed by Bernard L. Madoff, a financial adviser who was arrested last week for defrauding investors out of billions of dollars. ”
-- The ripple impact of this is huge. It goes to show what happens when wealth is concentrated in a few hands that are then fooled by one person. Stories like this are all over the World. And the credit crunch assures these nonprofits will be in dire straights for a while.
Dear Colleagues:
I regretfully write to inform you that due to a sudden financial crisis and the resulting loss of funding, the JEHT Foundation has stopped all grant-making effective immediately and will be closing its doors in early 2009. Unfortunately the funds of the donors to the JEHT Foundation were managed by Bernard L. Madoff, a financial adviser who was arrested last week for defrauding investors out of billions of dollars. ”
-- The ripple impact of this is huge. It goes to show what happens when wealth is concentrated in a few hands that are then fooled by one person. Stories like this are all over the World. And the credit crunch assures these nonprofits will be in dire straights for a while.
Saturday, December 13, 2008
Bernard 'Bernie' Madoff: From Queens lifeguard to soaking fraud
Bernard 'Bernie' Madoff: From Queens lifeguard to soaking fraud: “BY LARRY MCSHANE NYDAILY NEWS STAFF WRITER
Saturday, December 13th 2008, 11:55 AM Feds say Madoff's Ponzi scheme was worst ever. Bernard Madoff, "Bernie" to his Wall Street pals and deep-pocketed investors, launched his financial career with $5,000 earned as a Far Rockaway lifeguard.
That was nearly a half-century ago. Today, investors with Madoff's firm are drowning after the former Nasdaq chairman admitted fleecing his customers of $50 billion.
Madoff, 70, was known as a quirky figure inside his company offices at Manhattan's Lipstick Building. Still, he was respected for his uncanny - and apparently illegal - ability to generate cash for his clients.
The Hennessee Group, which tracks investment performance, says Madoff's firm suffered just five down months in 13 years between 1993-2007.”
Saturday, December 13th 2008, 11:55 AM Feds say Madoff's Ponzi scheme was worst ever. Bernard Madoff, "Bernie" to his Wall Street pals and deep-pocketed investors, launched his financial career with $5,000 earned as a Far Rockaway lifeguard.
That was nearly a half-century ago. Today, investors with Madoff's firm are drowning after the former Nasdaq chairman admitted fleecing his customers of $50 billion.
Madoff, 70, was known as a quirky figure inside his company offices at Manhattan's Lipstick Building. Still, he was respected for his uncanny - and apparently illegal - ability to generate cash for his clients.
The Hennessee Group, which tracks investment performance, says Madoff's firm suffered just five down months in 13 years between 1993-2007.”
Friday, December 12, 2008
Bernard L. Madoff - Questions Are Raised in Madoff’s Massive Fraud - NYTimes.com
Questions Are Raised in Trader’s Massive Fraud - NYTimes.com: “For years, investors, rivals and regulators all wondered how Bernard L. Madoff worked his magic.
But on Friday, less than 24 hours after this prominent Wall Street figure was arrested on charges connected with what authorities portrayed as the biggest Ponzi scheme in financial history, hard questions began to be raised about whether Mr. Madoff acted alone and why his suspected con game was not uncovered sooner.
As investors from Palm Beach to New York to London counted their losses on Friday in what Mr. Madoff himself described as a $50 billion fraud, federal authorities took control of what remained of his firm and began to pore over its books.”
But on Friday, less than 24 hours after this prominent Wall Street figure was arrested on charges connected with what authorities portrayed as the biggest Ponzi scheme in financial history, hard questions began to be raised about whether Mr. Madoff acted alone and why his suspected con game was not uncovered sooner.
As investors from Palm Beach to New York to London counted their losses on Friday in what Mr. Madoff himself described as a $50 billion fraud, federal authorities took control of what remained of his firm and began to pore over its books.”
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