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Another 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!
Filed under: World Finance | Tags: crisis, financial, madoff, ponzi, pyramid, scam, scheme, stock, street, wall
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)
wuttamonkey is back on 2009 