wuttamonkey is back on 2009


‘Tis time to celebrate Hanukkah!
December 22, 2008, 8:31 am
Filed under: Uncategorized

dreidel_1Another year is about to end and along with it comes the so expected winter holidays! A special time for us to share moments of our lives with those around us. So don’t miss the chance to tell those you love that you care!

Happy Hanukkah!



Former Nasdaq stock chairman teaches the world of investments a lesson of disgrace
December 20, 2008, 5:56 am
Filed under: World Finance | Tags: , , , , , , , , ,

After a tremendously massive financial crisis haunting the world and threatening the stability of the investment sector in 2008, the world has found itself deluded once again with an outrageous “Ponzi” scam of US$ 50 billion by Bernard Lawrence Madoff, a nearly 50-year highly experienced Wall Street powerbroker and chairman of Madoff Investment Securities.

Let me make it clear to you through the questions and answers below…

Q1. Who is Bernard Madoff?
A1. Madoff is the incredible author of the expression “It’s all just one big lie”, born into a New York Jewish family in 1938.

He founded his investment firm, Bernard L. Madoff Investment Securities, in 1960, with US$5k earned during summer jobs as a lifeguard and installing sprinklers.
By the early 1980s, the firm was one of the largest independent trading operations in the securities industry, and by 2000 it had about US$300 million in assets.
Mr. Madoff as well as his wife, Ruth, were noted for their philanthropy. Through the Madoff Family Foundation, they supported theatres, colleges and arts foundations; they also made significant donations to Jewish charitable organisations.

Q2. What did he do wrong?
A2. He developed a massive and stunning fraud scheme of epic proportions that will cost investors at least US$50 billion. His fraud originated in a separate and secretive investment-advising business that served between 11 and 25 clients and had a total of about $17.1 billion in assets under management.

Q3. Is there any money left to repay investors?
A3. Since we don’t know if he lost any money or how much he ever had, we don’t know what might be left, or where it might be. Everyone from the SEC to the Securities Investor Protection Corp. is looking for it.

Q4. Who are some of the victims?

# List of Investors Exposure
01. Fairfield Greenwich Advisors $7,500,000,000
02. Tremont Group Holdings $3,300,000,000
03. Banco Santander $2,870,000,000
04. Bank Medici $2,100,000,000
05. Ascot Partners $1,800,000,000
06. Access International Advisors $1,400,000,000
07. Fortis $1,350,000,000
08. Union Bancaire Privee $1,000,000,000
09. HSBC $1,000,000,000
10. Natixis SA $554,400,000
11. Carl Shapiro $545,000,000
12. Royal Bank of Scotland Group PLC $492,760,000
13. BNP Paribas $431,170,000
14. BBVA $369,570,000
15. Man Group PLC $360,000,000
16. Reichmuth & Co. $327,000,000
17. Nomura Holdings $304,000,000
18. Maxam Capital Management $280,000,000
19. EIM SA $230,000,000
20. AXA SA $123,200,000
21. UniCredit SpA $92,390,000
22. Nordea Bank AB $59,130,000
23. Hyposwiss $50,000,000
24. Banque Benedict Hentsch & Cie. SA $48,800,000
25. Fairfield, Conn. $42,000,000
26. Bramdean Alternatives $31,200,000
27. Jewish Community Foundation (L.A.) $18,000,000
28. Harel Ltd. $14,200,000
29. Baloise Holding AG $13,000,000
30. Societe Generale $12,320,000
31. Groupama SA $12,320,000
32. Credit Agricole SA $12,320,000
33. Richard Spring $11,000,000
34. RAB Capital $10,000,000
35. Banco Popolare $9,860,000
37. Korea Teachers Pension $9,100,000
38. Swiss Life Holding $78,900,000
39. North Shore-Long Island Jewish Health System $5,700,000
40. Neue Privat Bank $5,000,000
41. Clal Insurance Enterprise Holdings $3,100,000
42. Ira Roth $1,000,000
43. Mediobanca SpA $671,000
44. Fred Wilpon N/A
45. Steven Spielberg N/A
46. JEHT Foundation N/A
47. Mortimer B. Z. Charitable Remainder Trust N/A
48. Robert I. Lappin Charitable Foundation N/A
49. Chais Family Foundation N/A
50. KBC Group NV N/A
51. Credit Suisse N/A
52. Barclays PLC N/A
53. Dexia N/A
54. Allianz Global Investors N/A
55. Banco Espanol de Credito SA (Banesto) N/A
56. CNP Assurances N/A
57. UBS AG N/A
58. Yeshiva University $110,000,000
59. The Elie Wiesel Foundation for Humanity N/A
60. Leonard Feinstein N/A
61. Sen. Frank Lautenberg N/A
62. Norman Braman N/A
63. Jeffrey Katzenberg N/A
64. Gerald Breslauer N/A
65. Kingate Management N/A
66. Julian J. Levitt Foundation N/A
67. Loeb family N/A
68. Lawrence Velvel N/A
69. Fix Asset Management. N/A
70. Genevalor, Benbassat & Cie. N/A
71. Banco Espirito Santa $21,400,000
72. Great Eastern Holiding $64,000,000
73. M&B Capital Advisers $52,800,000
74. Royal Dutch Shell pension fund N/A
75. Phoenix Holdings $12,600,000
76. Credicorp $4,500,000
77. Fukoku Mutual Life Co. N/A
78. New York Law School $3,000,000
79. Nipponkoa Insurance N/A
80. Sumitomo Life Insurance Co. $1,770,000,000
81. Swiss Reinsurance Co. $3,000,000
82. Aozora Bank Ltd $137,000,000
83. UBI Banca $86,000,000
84. Taiyo Life Insurance Co. $17,900,000

His career made him a Wall Street legend; his downfall will seal his notoriety. (comment extracted from timesonline.co.uk)

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