Word: fraud
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...bold idea is a long shot, talk of more modest clawbacks is in vogue on Wall Street. Clawback provisions have long been standard at venture-capital and private-equity firms, where partners are expected to regurgitate past earnings to make good on unmet promises to investors. And wherever outright fraud can be proved, those who benefited can be forced by the courts to disgorge their gains--as investors who withdrew money from Bernard Madoff's apparent Ponzi scheme before it collapsed might discover in the coming months...
...think a man who deceived so many friends, associates, charities, and lied to them openly for so long, has a problem being a little bit deceitful in surrendering his books and records?" asks a former Los Angeles-based Treasury Department special agent who for decades specialized in white-collar fraud. "Of course he's hidden money; we're talking $50 or $100 million. It's a pittance to a guy like Madoff. Hiding money is a game for criminal minds, and there is no way Madoff's ever going to provide 100% of the information unless it exonerates...
...foundation responsible for funding two Harvard programs at nearly $1 million has been forced to close amid Bernard L. Madoff’s $50 billion securities fraud. Both Harvard groups, which were supported by the JEHT Foundation, received the amount they were promised before the philanthropic organization shut down. The International Human Rights Clinic at Harvard Law School received a total of $161,261 in 2006 and 2008 for its South Africa Apartheid Litigation project. “We’ve received the full amount. The grants are completed essentially,” said Clinical Director Tyler R. Giannini...
...another, less specifically-French, factor may also be behind the spike in car-burning rates. According to the National Observatory on Delinquency, as many as 20% of cars burned each year are suspected insurance fraud. If that trend, too, is on the rise, then New Year's Eve 2009 may be a veritable bonfire in France, as recession-bled car owners see the country's annual arson event as a chance to make some extra money...
...referring to perceptions in South Korea. The stakes are higher in Thailand, where the former ruling People Power Party and two of its partners were banned last month in what critics have called a "judicial coup." Although the judgment to punish the three onetime governing coalition members for electoral fraud may have been sound, the speed of the court decision raised eyebrows. Less than an hour after hearing closing arguments, the nine-person judicial panel effectively dissolved Thailand's government. And even though the case could have been adjudicated at any point over a several-month period, the ruling came...