Did Investors Know About Madoff’s Scheme? (WSJ)
The Journal is looking into whether or not it’s possible some of the investors (philanthropic ones, no less) could have, or in fact did, know about Madoff’s little secret. Among the evidence pointing to the answer being yes: in certain cases they would define their earnings expectations, and then a short time later their accounts would reflect those expectations.
“Prosecutors haven’t charged any Madoff investors with criminal wrongdoing. A lawyer for Mr. Picower, 67 years old, said his client wasn’t complicit in the fraud and suffered losses in the billions. A lawyer for Mr. Chais, 82, a money manager who channeled West Coast clients to Mr. Madoff’s firm, said he was unaware of a criminal probe of Mr. Chais and his client didn’t have knowledge of Mr. Madoff’s Ponzi scheme. Mr. Chais “has cooperated fully” with investigators, the lawyer said. A representative for Mr. Shapiro, 96, said Mr. Shapiro had no knowledge of the fraud.”
Lloyds Chairman Victor Blank To Resign In Next Year (WSJ)
“A spokesman for Lloyds couldn’t say how long it will be before the bank names a successor.
Mr. Blank and Chief Executive Eric Daniels have faced heavy criticism from shareholders since Lloyds, the U.K.’s fifth-largest lender, agreed to take over HBOS last fall in what amounted to a government-sanctioned bailout. The combined group has since been forced to take billions of pounds in government capital and participate in a U.K. asset-insurance plan in which the bank agreed to surrender a majority stake to the government.”
Buffett Increased Holdings In WFC (MarketWatch)
“Berkshire held over 12 million more shares in Wells at the end of the first quarter compared to the end of 2008, the filing disclosed.
Wells shares slumped during the first quarter as some investors worried the largest U.S. banks might be nationalized. However, Buffett expressed strong support for Wells and some other banks at Berkshire’s recent annual shareholder meeting.”
Trump On How He Values His Empire (WSJ)
What happens when you allege Trump is worth less than Trump thinks Trump is worth? Trump sues your ass. Comb-Over is laying it to the author of a 2005 book that valued Trump at $150 to $250MM, claiming that it was defamation and as a result he’s lost out on deals. Just, let that sink in.
AIG To Spin Off Asia Unit (MarketWatch)
“American International Group, Inc. said Monday it is accelerating steps to spin off its Asia insurance unit, American International Assurance Co., as part of its restructuring.
The U.S. insurer rescued by the U.S. government has hired Blackstone Group LP to advise it on the reorganization and listing of AIA on a stock exchange in Asia, the company said.”
Smaller Banks In Need Of $24B (FT)
If we carry over the methodologies from the stress tests to the smaller banks, it looks like the smaller ones are in need of roughly $24B, according to Sandler O’Neill.
“The US Treasury has said that it does not intend to extend the stress tests beyond the 19 top institutions it examined. But analysts say that the public release of the government’s test methodology and capital adequacy philosophy means that the tests’ standards will become a model for the rest of the US banking system. “This will ultimately migrate down the banking industry no matter what Treasury says,” said Robert Albertson, chief strategist at Sandler O’Neill. “It’s like telling bank examiners to close their eyes and not to think of a chicken.”"
If I hear the words “green shoots” one more time I swear…
now why isn’t #1 ponzi like?
@2 here- sorry, that should be story #4.
One, if the investors could “name their number”, then yes, absolutely, they were in on it.
And two, the $150MM to $250MM for Trump is generous. If it wasn’t for pussy bankers that were afraid of actually calling their loans, that POS would be exposed for being what he truly is, worthless.
donald trump is an asshole.
also, i know his accountant and he told me that trump is actually worth only 99 million mcdonalds apple pies. thats before sales tax.
@4
Now now it certainly couldn’t be that the Trumpmeister doesn’t have real world business acumen could it. Just for saying that I have to quote an overused Trumpism at you…
“YOU’RE FIRED!!!!!”
mmmm, apple pie.
“Complaints were to be filed Monday against former attorneys general John Ashcroft and Alberto Gonzales, Homeland Security Secretary Michael Chertoff and John Yoo, Jay Bybee and Stephen Bradbury. The complaints were being filed in the District of Columbia and four states – New York, California, Texas and Pennsylvania.”
http://tinyurl.com/rbrdxq
http://tinyurl.com/qhnz4g
Trump = boss
No wonder he worked so hard on the show, he needed the money.
@8
This is not twitter, you want to post a link, post the URL. Comment spamming is bad enough, but don’t make it worse by obfuscation through tinyurl.
That is all.
@1, i agree, its a retaraded phrase.
I prefer the term cashing checks and snappin knecks, which i do on the reg ya heard??
#11, here’s your link:
http://hosted.ap.org/dynamic/stories/U/US_TORTURE_LAWYERS?SITE=FLTAM&SECTION=US
http://votersforpeace.us/press/index.php?itemid=1615
#11, It is hardly “spamming”, was shocked to see it on TBO.
Before the recent recession, Trump was the only guy in the world who could run a casino into bankruptcy.
What a chump. Good thing dad got him into B school. And, if he squeaks “Amazing!” one more time, in his sing song voice, I think I’ll throw up.
Pfluger
After this last round of his tv show I decided to completely ignore him and anything I see written about him or on the tube.
6 here again
How dare you all question the genius of Trump! He is merely running casinos and perfectly good businesses into the ground so he can constantly say his favorit line.
“You’re Fired!!!!”
Which you all should be for questioning D to the Trump!
http://hosted.ap.org/dynamic/stories/U/US_TORTURE_LAWYERS?SITE=FLTAM&SECTION=US
“It will be bad enough if the Obama administration is so foolish as to destroy our golden geese. But to let the European Commission bleed our golden geese is simply criminal! Many reporters predict that the European Commission will target Google next. It really doesn’t matter what Google does. After all, Google is big, dominant, and American. America desperately needs a president with the spine to stand up to such acts of economic warfare.”
http://www.americanthinker.com/2009/05/obama_stands_by_while_europe_l.html
Best off Trump investor? Wife #1 for monetizing the “brand value” at a price 10xs what #2 got; granted she had to put up with him ~3 times longer and push out 2 more spawn…
Ivana was the brains of the operation.
“The earthquake on May 18, 1980, occurred only seconds before the explosion which began the eruption of Mount St. Helens volcano. This eruption and blast took 396 meters off the top of Mount St. Helens, killed 57 people and caused an estimated $1 billion damage.” http://earthquake.usgs.gov/
However, the estimated $1B value of the damage was based on how the USGS felt that day and was more likely 10% of that estimate.
Anal_yst @11
I think I love you even though I fear that you’d rather I didn’t.
-The girl from California