Word: funded
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...specific nation - in other words, the dollar. "The frequency and increasing intensity of financial crises," Zhou said, "suggests the costs of such a system to the world may have exceeded its benefits." Zhou recommended turning Special Drawing Rights (SDRs), the unit of account used by the International Monetary Fund (IMF), into the premier international currency. Then a U.N. panel of economists led by Joseph Stiglitz, the Nobel laureate, concluded that a reformed financial system with a new No. 1 international currency would help bring greater strength and equity to the global economy. Stiglitz told reporters there was a "growing consensus...
...Erzra Merkin, a major "feeder fund" to Bernie Madoff's $65 billion Ponzi scam, was charged today with fraud and deception by New York State Attorney General Andrew M. Cuomo...
Merkin operated several funds, including Ascot Fund, Gabriel Capital Corp. and Ariel Fund, totaling $2.4 billion, that fed into Bernard L. Madoff Securities LLC, the so-called investment firm run by Madoff. In total, Merkin is charged with 720 breaches of fiduciary duty in raising, through social and charitable connections, over $4 billion, which he turned over to third-party money managers, like Madoff...
...some cases, Cuomo says, Merkin told investors only 15% of Ascot investments were placed with Madoff. In reality, the entire fund was invested with the Ponzi scheme, the suit alleges. In another example, the suit says Merkin told investors all of Ascot's assets were maintained in a Morgan Stanley brokerage account, and not with Madoff. In addition, Cuomo charges, Merkin "commingled his personal funds" with his investment funds for his personal benefit, including the purchase of over $91 million in artwork for his New York apartment...
Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...