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madoff scandal
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50 Billion Dollar Wall Street Fraud
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Investors in Britain are being hit by the fallout from a massive financial scandal in the USA. A top Wall Street trader has admitted a fraud which could run into $50bn. Sky's Michelle clifford reports.
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Madoff Scandal Forces SEC Internal Investigation
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The Chairman of the Securities and Exchange Commission says the agency failed to investigate credible claims about money manager Bernard Madoff's alleged Ponzi scheme. (Dec. 17)
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Inside Story - The Madoff Scandal - Dec 17 - Part 1
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Inside Story, with presenter Maryamme Nemazee, discusses the latest blow to the financial world and one of Wall Street's biggest scandals.
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Madoff Scandal Forcing Foundations to Close
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December 16, 2008
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Shock waves from the Madoff affair have radiated worldwide as charitable foundations, banks, and individual investors have fallen victim to what the SEC is calling a $50 billion Ponzi scheme. (Dec...
Shock waves from the Madoff affair have radiated worldwide as charitable foundations, banks, and individual investors have fallen victim to what the SEC is calling a $50 billion Ponzi scheme.
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Madoff's giant Ponzi scheme
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Bernard Madoff's alleged giant Ponzi scheme attracted big name investors like: New York Mets owner Fred Wilpon, GMAC LLC Chairman J. Ezra Merkin, former Philadelphia Eagles owner Norman Braman, BNP Paribas, Nomura Holdings Inc. and Neue Privat Bank.
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Madoff's $50 Billion Fraud
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$15 billion of looses was concentrated in Southern Florida and New York City.
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Check this URL: http://www.cnbc.com/id/28195029
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where will this $50 Billion loss lead us
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This is getting worse! From Reuters on 12/15:
"Banks and investment funds across the world lined up on Monday to admit investing billions of dollars in the companies of Bernard Madoff, whom U.S. authorities accused of masterminding a massive fraud.
Britain's HSBC Holdings Plc was the latest bank to join the growing list, saying it had exposure of around $1 billion, making it one of the biggest victims of the alleged $50 billion fraud.
Royal Bank of Scotland and Man Group in the UK, Japan's Nomura and France's Natixis also said they were hit by the worldwide scandal."
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Check this URL: http://www.reuters.com/article/topNews/idUSLD12500520081215?feedType=RSS
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Ponzi schemes
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Does anyone know good reading list of Ponzi scandals? Now I am curious how big the others were.
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