Daily Archives: December 15, 2008
Just thinking …
Now that we know that Bernie Madoff’s returns were fictitious, should we expect to see other “hedge funds” exposed? They all claimed to be making huge returns :20% or more, year after year, and I never questioned that (nor did … Continue reading
Filed under Fraud, Wall Street
The first Noel
The Times reports on another fund that, like Walter Noel’s Fairfield Greenwich Group, took investors money and instead of managing it itself, dumped it in Bernie Madoff’s coffers and forgot about it (although they didn’t forget to extract their fees). … Continue reading
Filed under Fraud, Wall Street
Must Read Article
Thanks to “Riverside Dog Walker”, here’s a link to a Michael Lewis (“Liar’s Poker”) article on what went wrong on Wall Street. It’s every bit as good as his book, only shorter – 9 pages. read the whole thing.
Filed under Wall Street
Don’t cry for me, I’m in Argentina
Or soon will be. One anonymous reader has taken me to task for seeming to gloat over the misfortunes of Greenwich resident Walter Noel, founder of the Fairfield Greenwich Group and $7.5 billion Madoff dupe. By extension, I suppose we … Continue reading
Filed under Fraud, Wall Street
What, you listened to us? Idiot!
European banks shrug off Madoff losses. They figure it’s their clients’ loss, not theirs. “Their reputation will suffer”, says one commentator, “but that’s all”. I don’t know anything about European security law but here in America, banks who suggested such garbage … Continue reading
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Filed under Builders and Banks, Fraud, Wall Street
Well, this is reassuring!
Lye, boric acid banned as food additives in China.
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Filed under Uncategorized
More Madoff fallout
Foreign investors dump all U.S. long term assets. Who can blame them for no longer trusting our stock or bond market or the ability of the S.E.C. to ferret out fraud? It’s not helping the Dow Jones today, that’s for sure.
Filed under Wall Street
A climate of corruption?
Grand Jury probes Richardson’s finders fees. Politics for a change!
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Filed under Uncategorized
Hedge fund trouble
Prediction: 1/3 of hedge funds to disappear. I have a client whose fund is up over 10% for the year but they’ve still suffered a withdrawal of 20% of their assets they manage, due to fear and customers who need … Continue reading
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Filed under Wall Street
Collapse of construction affects immigration
Hispanic immigration has dropped by 1/2 -500,000 from 1,000,000 and for the first time in years, the number of them working has declined. I’ve never been opposed to allowing anyone who wants to work to enter the country but I … Continue reading
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Filed under Builders and Banks, current market conditions
Town spending
We’re looking at a $10 million shortfall in this year’s budget and $31 million over the next 18 months. Thats about 10% of our $340 million budget and, I suspect, the shortfall will grow, not shrink (for instance, we’re about to … Continue reading
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Filed under Uncategorized
Freedom of the Press
The New York Times takes pride in its numerous traitorous revelations of our nation’s attempt to combat terrorism but at least its sentiments and actions are fueled by a genuine hatred for George Bush. What was the Chicago Tribune’s excuse … Continue reading
Filed under Uncategorized
Trouble ahead for Walter Noel?
People are beginning to question what, exactly, Greenwich’s Fairfield Greenwich Group did to justify earning as much as $135 million a year by merely shoveling money over to Bernie Madoff to steal. As this page (and its readers) have noted, there … Continue reading
Filed under Fraud, Wall Street
