December, 2008

“Magic touch” strikes: Madoff Scheme Was ‘Impossible’ to Do Alone, Says EIM’s Busson

Filed under Hedge funds, failures, Arpad Busson - EIM
December 16, 2008 10:04 pm

Arki you lost all my respect. Not doing due dilligence properly or not at all and now blaming other people. You should  loose  all your clients, as magic touch is gone….. —– ... Read more »

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Zuckerman: ‘I Had Never Heard of Madoff’

Filed under Mortimer Zuckerman - Boston Properties, Bernard L. Madoff
8:24 am

Among the best-known boldface names who has become a victim of the Bernard L. Madoff scandal is Mortimer B. Zuckerman, the real estate magnate who owns The Daily News. Mr. ... Read more »

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The man who conned the world

Filed under Fakes, Hedge funds, failures, Mortimer Zuckerman - Boston Properties, ex-billionaires, Bernard L. Madoff
8:22 am

Banks, billionaires, charities and film stars are among the victims of the ‘$50bn fraudster’, whose exposure deals a fresh blow to financial confidence, according to one tycoon facing a $9bn ... Read more »

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MGM Mirage to Sell Treasure Island for $500M Cash

Filed under Deals, Phil Ruffin
December 15, 2008 7:00 pm

Casino operator MGM Mirage  said Monday it will sell the Treasure Island Hotel & Casino to billionaire Phil Ruffin for $500 million in cash. Ruffin, whose interests include casinos and ... Read more »

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Billionaires only on Rich List 2008

Filed under Lists and Statistics, Alwaleed bin Talal - Kingdom Holding
December 14, 2008 10:02 pm

The global economic turmoil may have drained some of the wealth of the world’s 50 richest Arabs but the minimum fortune required for entry into the Arabian Business Rich List ... Read more »

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World’s 50 richest Arabs lose $25bn

Filed under failures
10:00 pm

The world’s 50 richest Arabs have lost a staggering $25 billion between them in the last year, as the global financial crisis sweeps through the region. The figures are revealed ... Read more »

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Madoff Victims’ ‘Tragedy’ Said to Have Escaped Scrutiny by SEC

Filed under Fakes, Hedge funds, Investigations & Law, ex-billionaires, Bernard L. Madoff
9:57 pm

Bernard Madoff’s investment advisory business, alleged to be a Ponzi scheme that cost investors $50 billion, was never inspected by U.S. regulators after he subjected it to oversight two years ... Read more »

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Jones Concedes Errors With Bacon, Griffin in Shakeout

Filed under Hedge funds, Ken Griffin - Citadel, Paul Tudor Jones - Tudor Investment Corporation, Louis Moore Bacon - Moore Capital
9:13 pm

In the close-knit hedge fund community, where confessions of a mistake are rare, billionaires Louis Bacon, Kenneth Griffin and Paul Tudor Jones are retreating from borrowed-money bets, private equity and ... Read more »

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Really funny: Fuld weighs comeback with advisory boutique

Filed under ex-billionaires, Dick Flud - Lehman Brothers
December 13, 2008 10:20 pm

this can happen on on Wall street. The guy should be hanged but no,  he comes back and journalist and clients are all over him again. stupid.   — Dick Fuld, the ... Read more »

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Madoff Fraud Hits Big Names

Filed under Bernard L. Madoff
9:59 pm

New potential victims emerged of Wall Street veteran Bernard Madoff’s alleged giant Ponzi scheme, with international banks, hedge funds and wealthy private investors among those sorting out what could amount ... Read more »

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Citadel Halts Withdrawals From Two Hedge Funds After 50% Drop

Filed under Hedge funds, Ken Griffin - Citadel
8:00 pm

Citadel Investment Group LLC, enduring its biggest losses since starting in 1990, halted year- end withdrawals from its two biggest funds after investors sought to take out $1.2 billion, or ... Read more »

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Maddoff’s Fall

Filed under Hedge funds, Investigations & Law, Bernard L. Madoff
6:40 pm

Great reporting & story by David Faber.  The SEC charges Bernard Madoff and his firm with securities fraud. CNBC’s David Faber has the latest. http://www.cnbc.com/id/15840232?video=961909820

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Arki “Magic touch” Busson lost $230 million on Madoff paper

Filed under Hedge funds, failures, Arpad Busson - EIM, Bernard L. Madoff
6:19 pm

The EIM Group, active in hedge funds, has said it is affected by $230 million or about 2 percent of its $11.5 billion assets under management, the paper reported. No ... Read more »

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Sons Turned In Madoff After He Allegedly Told Them His Investment-Advisory Business for the Wealthy Was ‘Giant Ponzi Scheme’

Filed under Fakes, Profiles, Hedge funds, Investigations & Law, failures, ex-billionaires, Bernard L. Madoff
December 12, 2008 10:57 pm

Bernard L. Madoff, a former chairman of the Nasdaq Stock Market and a force in Wall Street trading for nearly 50 years, was arrested by federal agents Thursday, a day ... Read more »

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Gambler sues casino over $900 million binge

Filed under Investigations & Law, James Packer, failures, ex-billionaires, Harry Kakavas
10:10 pm

An Australian gambler who lost millions in a A$1.4 billion ($909 million) gaming spree is suing one of the country’s largest casinos, claiming he was targeted by managers despite a ... Read more »

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Armani Plans to Keep Control as Long as He’s Healthy

Filed under Giorgio Armani
9:58 pm

 Giorgio Armani said he’ll keep control of his fashion company as long as he stays healthy and has no plans to raise cash from outside investors to help withstand a ... Read more »

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Famous blue diamond sells for record price: $24.3M

Filed under Lifestyle, Laurence Graff
December 11, 2008 10:41 pm

A rare  blue diamond handed down through generations of German royalty sold for a record-breaking 16.4 million pounds ($24.3 million) at auction Wednesday in London, Christie’s said.The Wittelsbach Diamond, a 35.56 ... Read more »

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Madoff Charged in Fraud Said to Total More Than $20 Billion

Filed under Hedge funds, Investigations & Law, failures, Bernard L. Madoff
10:30 pm

Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities and a fixture of the Wall Street trading world for decades, was arrested Thursday morning by Federal Bureau of ... Read more »

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Trump: Rescue Big 3, But Put Them in Chapter 11

Filed under Donald Trump
December 10, 2008 10:02 pm

Detroit auto makers should be rescued, but through a planned bankruptcy overseen by the federal government, according to real estate magnate Donald Trump. A Chapter 11 filing with government help ... Read more »

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Steve Forbes keeps his faith in capitalism

Filed under Steve Forbes - Forbes, Interviews
December 9, 2008 8:19 pm

Rarely is media magnate Steve Forbes seen without his signature ‘Forbes’ branded tie. So, at a meeting in a Mayfair hotel with the billionaire who twice ran as a Republican ... Read more »

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