Word: foreigners
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Dates: during 2000-2009
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...Deception. "Madoff had decades to prepare for this day, and it's likely he's hidden considerable assets," says Reich. "Numbered accounts in Swiss banks are no good today; the Swiss cooperate too much." Instead, a white-collar fraudster like Madoff could create multiple phony investment-advisory businesses in foreign countries, similar to legitimate businesses he's actually working with. Says Reich: "All he has to do is create fake invoices over the years and pay in to those fake companies, then create new phony businesses in other countries, have the monies transferred to them, and then close down...
There is no way investigators will ever find all the Madoff money, the author says. Remember, Enron used some 900 foreign accounts to manage its money. "There just isn't enough manpower to go through all the legal hurdles to track it down," Reich says. The money is there, hidden away, he says, maybe $40 to $80 million, and you can bet some family member...
...this year, the service has expanded to more than 200,000 families in 23 states. The partisan controversy around it has also grown. Republicans grouse that taking fuel from Chávez, America's chief antagonist in the hemisphere, is unpatriotic and simply aids his anti-U.S. foreign policy. Democrats and advocates for the poor disagree. In a website video for Boston-based Citizens Energy, which helps distribute the Citgo oil, director Joseph Kennedy, son of Senator Robert Kennedy, says, "Some people say it's bad politics to [accept the fuel]. I say it's a crime against humanity...
...that in its coming fiscal year it would suffer its first annual operating loss in the company's 70 years. The carmaker also plans to suspend production at all 12 of its Japanese factories for 11 days in February because consumers worldwide aren't buying. Masafumi Yamamoto, head of foreign-exchange strategy for Japan at Royal Bank of Scotland, says a 10% appreciation of the yen slashes the GDP growth rate by 0.3 to 0.4 percentage points...
...seat of power for an empire that, among other things, maintained tranquility between Jews, Muslims and Christians in the Holy Land. But since its founding in 1923, modern Turkey has shied away from any involvement with the Muslim world, once ruled by the Ottomans, instead orienting its foreign policy firmly toward the West. The predominantly Muslim nation is officially secular - it's a longtime U.S. ally and NATO member - and it's currently in a tortuous process of negotiations over eventual accession to the European Union. In the Middle East, until now, Turkey has been largely invisible...