The world was told the U.S. was a low-risk, high-return investment. But like the Wall Street trader's victims, we are learning the truth.
The Madoff case has become a powerful symbol. The odd thing is, no one is exactly sure what it is a symbol of.
The disgraced money manager's victims include a who's who of wealth and celebrity.
JPMorgan Chase was "at the very centre" of Madoff Ponzi scheme
Bernard Madoff's accountant for nearly two decades was on Wednesday charged with securities fraud as US prosecutors widened their investigation into one of the biggest investment frauds in history.
Federal prosecutors plan to appeal against the decision of a judge rejecting their plea for revocation of $1 million bail of the accused swindler Bernard Madoff.
The auction of personal possessions seized from Ponzi schemer Bernard Madoff's Palm Beach mansion, held during the weekend, generated as much as $500,000, according to the US Marshals Service which conducted the auction.
Financier Bernard Madoff, in jail now, had shelled out nearly $ 1 million towards lobbying and in campaign contributions, of which a large part went to the Democrats, a US research group has said.
Reform will be a priority with the new Congress. But where to start?
Financier Bernard Madoff has pleaded guilty to all 11 charges in one of the largest swindles in Wall Street history. He faces as many as 150 years in prison when sentenced.
The trustee liquidating the assets of imprisoned scamster Bernard Madoff has sued J P Morgan seeking damages worth $6.4 billion for allegedly aiding the fraud committed by him.
Ponzi king Bernard Madoff, who has been convicted of committing a fraud of $60 billion, is in danger of being beaten up by fellow inmates at a North Carolina federal prison, where he is currently imprisoned.
The bank is facing a slew of government legal actions.
A French fund manager, who lost more than $1.4 billion in the multi-billion-dollar Bernard Madoff scandal, was found dead in his Manhattan office in New York and is believed to have committed suicide.
European investors face billions of dollars losses in the wake of disclosure of 'Ponzi' scheme run by Bernard Madoff, now being investigated by the American authorities.
The embattled Adani Group on Monday attempted to calm the market as a rout in its shares continued, saying its growth plans are intact, business plans are fully funded and it remains confident of delivering returns to shareholders. Market value of the group's seven listed companies has halved since a January 24 report by US-based short-seller Hindenburg Research alleged that Adani pulled "the largest con in corporate history" using offshore tax havens and stock manipulation. The Group has denied all allegations, calling them "malicious", "baseless" and a "calculated attack on India".
Embattled Adani group has appointed accountancy firm Grant Thornton for an independent audit of some of its companies in a bid to come clean of the damning allegations levelled by the US short-seller Hindenburg Research and to assure investors and regulators. Sources said the audit is primarily to show to regulators like the Reserve Bank of India (RBI) that the group has nothing to hide and it is in compliance with relevant laws. The audit will specifically look into if there was any misappropriation or repatriation of funds and if loans were used for any purpose other than the one they were intended for.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
US short seller Hindenburg Research has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations. Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through "systematic loot". Hindenburg stood by its last week's report that said its two-year investigation found Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
The damage when the dust settled was calculated at $65 billion.
One of American's biggest fraudsters, Bernard Madoff was sentenced to 150 years for his massive $65 billion scam.
In 1937, a hydrogen-powered German airship flying into New Jersey caught fire and crashed, killing 35 passengers on board. It was sort of a man-made disaster as some 100 people were loaded on to a balloon filled with the most flammable material in the universe. The airship was named Hindenburg. Eight decades later, in 2017, a graduate of international business management from the University of Connecticut founded a "forensic financial research" firm to specialise in spotting wrongdoings and frauds, or what it calls man-made disasters, at companies around the globe and take market bets against them.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
Though the Satyam episode was shocking, the markets will move on, placing greater premium on good managements and governance and punishing companies that don't inspire confidence
Bernie Madoff, notorious fraudster, was sentenced to 150 years in jail. Turns out, his sentence is only the 5th largest in recent years!
Intel Capital has announced an investment of $23 million (about Rs 1.15 billion) in three Indian companies -- Indiamart.com, One97 Communications and Global Talent Track. However, figures were not disclosed. The funding will come from the $250 million Intel Capital India technology fund. The fund invests in Indian technology companies to help stimulate local technology innovation.
Satyam's last month's gaffe of transferring funds to promoter group companies by buying stakes in the latter already raised a stink. It led us to doubt the faith that investors had put on a company's management, its independent directors, auditors, consultants and rating agencies.
Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
Bharara's presence at Trump Tower provoked much curiosity.
In a brief letter to his colleagues and shareholders, Dimon disclosed that the cancer was detected quickly and is confined to the original site and adjacent lymph nodes on the right side of his neck with no evidence of cancer elsewhere in his body.
Most of the investing risk comes from the amazingly wrong, stupid, egoistic assumptions that we make. Here are four of them...
A left-leaning centralised socialist model has created a shortage/entitlement economy. In fact one of the reasons for India's limited progress is that post-independent India is at odds with its true nature. It is something that educated right of centre Hindus are trying to correct, says Sanjeev Nayyar.
Why do we need a cure here for peculiarly Western diseases when we don't have those diseases, and which the West itself is not trying to cure, asks Debashis Basu.
Do we not understand that risk and return go hand-in-hand, or do we, in our rush to get rich, simply choose to ignore risk, wonders Ramabhadran S Thirumalai.
Belgian-born Rich, whose trading group eventually became the global commodities powerhouse Glencore Xstrata, died in hospital from a stroke.
The fact that the US dollar has become the world's preferred reserve currency is now the core of global financial crisis, says Mohan Guruswamy.
The announcement of the formation of the BRICS bank will have as much an impact about how the non-G7 countries manage their economies and their foreign reserves, as it does on the intellectual discourse. The development priorities and agenda which was hitherto set by western experts responding mostly to western priorities and notions will now have to compete with an intellectual tradition that is and can be very different, says Mohan Guruswamy.
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