Madoff’s Asset List Won’t Be Made Public, US Regulator Says
Bloomberg - USA
The U.S. Securities and Exchange Commission, which sued Bernard Madoff last month for allegedly directing a $50 billion fraud, won’t make public a list of his assets filed yesterday, the regulator said. A federal judge ordered Madoff to provide the SEC an accounting of all investments, loans, lines of credit, business interests, brokerage accounts and other holdings. The court hasn’t authorized its public disclosure, said SEC enforcement official Andrew Calamari, who confirmed receipt of the list.
Madoff case may deter investors, but fund of funds play an important role
Telegraph.co.uk - United Kingdom
The Madoff "scandal" has once again raised questions about the future of the hedge fund industry and the role of regulation. In particular, the role of the fund of funds – which serve wealthy investors who want exposure to a variety of hedge funds, but cannot meet minimum investment requirements – has come under scrutiny, having seemingly failed to provide the promises of due diligence and diversification. But these criticisms can only be levelled at a small minority.
Madoff: What it means for your hedge fund
Times Online - UK
Wealthy investors in hedge funds, already suffering the worst performance on record, took another blow last week when some of the country’s top managers were revealed to be exposed to the Bernard Madoff scandal.
Bernard Madoff 'fraud': Increased scrutiny in hedge fund industry
Telegraph.co.uk - United Kingdom
One former Goldman partner: "I remember the guys came back baffled. Madoff refused to let them do any due diligence on the funds and when they asked about the firm's investment strategy they couldn't understand it. Goldman not only black-listed Madoff in the asset management division but banned the brokering side from trading with the firm too."
Madoff arrest forces hedge fund index shake-up
Financial Times - London, England, UK
The arrest of money manager Bernard Madoff is shaking up the way hedge fund indices are calculated, meaning returns from the beleaguered sector may be even worse than previously thought.
Madoff Spotlight Turns to Role of Offshore Funds
New York Times - United States
The investigations into Bernard L. Madoff are expanding into offshore tax havens. Federal prosecutors are beginning to consider what role offshore fund operations may have played in the $50 billion Ponzi scheme that Mr. Madoff is accused of orchestrating.
Firm Built on Madoff Ties Faces Tough Questions
New York Times - United States
Since Bernard L. Madoff was arrested 11 days ago in connection with a $50 billion Ponzi scheme, the Fairfield Greenwich Group has portrayed itself as an unwitting victim of the fraud, the biggest of Mr. Madoff’s many losers.
Madoff meets Lehman
BusinessWeek - USA
It’s not a lot of money compared to the estimated $3 billion that a fund managed by The Tremont Group has lost in the Bernard Madoff scandal. But the same Tremont fund also claims it lost $25 million when Lehman Brothers went bust in September.
Austria Says It's Taking Control Of Bank Medici After Madoff Hit
CNNMoney.com - USA
Austria's financial regulator said Friday that it had taken over Bank Medici after learning that the
Hedge funds concede oversight in wake of Madoff
KPCnews.com - Kendallville, IN, USA
Hedge-fund managers say Bernard Madoff may succeed where Christopher Cox failed: forcing regulation of their $1.5-trillion industry.
The Ponzi Scheme in Every Hedge Fund
TIME - USA
Bernard Madoff's $50 billion Ponzi scheme continues to rock the financial world. But most hedge funds actually engage in similar — albeit legal — practices in the short run. In the past, these practices helped inflate their gains as well as hedge-fund managers' salaries and bonuses, but recently they helped bring about the failure of many major hedge funds. QVT holds a minority stake in Hirco, a real estate fund floated by the Mumbai-based developer Hiranandani group in the Alternative Investment Market (AIM) of London.
The Affinity Ponzi Scheme
Newsweek - USA
The Madoff Ponzi scheme has changed the rules of trust that governed the money game. Many great names in the business will never be the same. And even though Bernie Madoff did not run a hedge fund—he was just a broker who got paid through commissions, not fees and a cut of the profits—his massive scam will help deal a heavy blow to many hedge funds and fund of funds, as well as to other professionals who steered powerful clients into Madoff's hands.
Cops: Hedge fund founder in Madoff scheme kills himself
Newsday - Long Island, NY, USA
A hedge fund founder who lost more than $1 billion investing with Bernard Madoff killed himself inside his Madison Avenue office, slitting his wrists with a box cutter, New York City police said.
Foundation for Health expects hit from Madoff
St. Louis Business Journal - St. Louis, MO, USA
The Missouri Foundation for Health, the area’s largest charitable foundation, may have an indirect investment exposure to Bernard Madoff’s alleged $50 billion Ponzi scheme. Any loss would be relatively small, however, said Joseph McCarthy, the foundation’s chief financial officer.
New York University sues fund exec over Madoff
Reuters - USA
Hedge fund executive Ezra Merkin has been sued again for entrusting investments with confessed swindler Bernard Madoff, this time by New York University, which said it lost about $24 million (16 million pounds).
The Madoff Case Could Reel in Former Investors
BusinessWeek - USA
The managers of the Fort Worth Employees' Retirement Fund thought they had dodged a bullet when Bernard L. Madoff was arrested on Dec. 11 for alleged fraud. Just a few months earlier the $1.7 billion public pension plan had pulled $10 million out of a hedge fund that invested exclusively with Madoff. But now the managers face the possibility of having to give back the money—a sum that includes all of the pension's purported gains over the years plus its initial investment.
Hedge Fund News
MoneyScience Twitter
Steinhardt Says He Lost $2 Million in Madoff Fraud
Bloomberg - USA
Michael Steinhardt, who made his fortune as a hedge-fund manager in New York, said he lost about $2 million investing with financier Ezra Merkin, who funneled clients’ money to alleged fraudster Bernard Madoff.
New York investor sues SEC over losses in Madoff fund
Fort Worth Star Telegram - Fort Worth, TX, USA
A New York woman who says she lost most of her savings investing with Bernard Madoff is seeking $1.7 million in damages from the Securities and Exchange Commission for failing to detect his fraud for a decade.
Latins Quiet About Madoff Losses
Wall Street Journal - USA
Wealthy Latin Americans appear to be among the big losers in the $50 billion Ponzi scheme orchestrated by financier Bernard Madoff, although many in the region are reluctant to step forward due to the private nature of Latin American fortunes, worries about security, and concerns about tipping off local tax authorities.
Madoff: The Affect On Private Investors/ Market Sentiment
CNBC - Englewood Cliffs, USA
The direct effects are limited, but indirect effects could be large. In speaking with hedge fund investors and advisors over the past week, Madoff's investors appear to be overwhelmingly high net worth individuals in Europe and the U.S. The destruction of wealth from those high net worth individuals will have a devastating effect on private banks, and certain crowds in London, Paris, Geneva, Manhattan and Palm Beach.
Fund Manager Ordered Not to Destroy Madoff Documents
Wall Street Journal - USA
J. Ezra Merkin, the chairman of lender GMAC who runs funds that were invested with Bernard Madoff, was enjoined from concealing or destroying any documents related to Mr. Madoff.
Madoff Fraud Will Add to Hedge Fund Woes
Dividend.com - Brigantine, NJ, USA
As the SEC waits to investigate bank and brokerage accounts, investments, real estate and other personal property held by Madoff and his firm, the hedge fund business awaits what will likely be a new era of regulation.
Funds of Funds Restructure to Cope With Madoff Exposure
Wall Street Journal Blogs - New York, NY, USA
David Walker, of Financial News, files this dispatch on how the Bernard Madoff scandal is changing the hedge-fund industry. Financial News is a Dow Jones publication and a contributor to Deal Journal.
Lessons From the Madoff Scandal
Smartmoney.com - USA
If you had the good fortune never to have invested in what may end up being the biggest Ponzi scheme in history, count your blessings. An alleged fraud like this could have happened to any of us, as it did to some of the world’s most sophisticated investors. There are lessons here, though not necessarily the ones that have been touted by much of the media.
Tremont Group Sued By Investors Claiming Madoff-Related Losses
Bloomberg - USA
Tremont Group Holdings Inc., a hedge-fund firm owned by Massachusetts Mutual Life Insurance Co., was sued for investing with money manager Bernard Madoff who confessed to a $50 billion Ponzi scheme.
Hoosier investors share pain of fraud
Indianapolis Star - United States
KSM Capital Advisors, an Indianapolis-based financial adviser, said Tuesday that fewer than 50 of its clients (mostly from Indiana) have roughly $15 million held by Madoff's investment firm. KSM said it is taking steps to help recover clients' money.
NYU Sues Merkin, Hedge Funds, Over $24 Million Madoff Loss
Bloomberg - USA
New York University, the largest private university in the U.S. by number of students, lost $24 million in investments managed by Bernard Madoff, the institution said in a lawsuit filed against J. Ezra Merkin, Gabriel Capital LP fund and Ariel Fund Ltd.
Noel’s Fairfield Greenwich Sued Over $7.5 Billion Madoff Money
Bloomberg - USA
Fairfield Greenwich Group, Walter Noel’s hedge-fund firm that had $7.5 billion invested with Bernard Madoff, was sued by investors for allegedly failing to protect their assets.
Betrayal of trust a Wall St. tradition
Los Angeles Times - CA, USA
The Madoff allegations should surprise no one. Your mind can go numb recalling the many major episodes of financial fraud at individual investors' expense just in the last decade.
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