Word: funds
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...China's turn to show it's no pushover. In the G-20 run-up, Zhou Xiaochuan, China's central bank governor, published a paper suggesting that alternative global currencies, like Special Drawing Rights - a unit of exchange used by the International Monetary Fund - be considered to replace the U.S. dollar as the world's de facto reserve currency. While some Washington officials rejected the proposal as impractical, China's leaders have been taking steps to show just how nervous they are about a weaker dollar as the U.S. runs up massive deficits to shore up its crumbling economy...
...This is the second factor, what you might call the other big lie - the one Galvin is getting at - of the Madoff Ponzi scheme: the feeders and Madoff conspiring together to keep basic due-diligence issues from clients, even as Madoff lied to his own feeder-fund generals, even as he lied to government regulators. Everyone turned a blind eye, everyone was in bed on this, including down the line the hapless investor who trusted all those years. See the top 10 scandals...
...clear that anyone was "free to withdraw part or all of their money" at quarterly withdrawal dates, which was a nice, reassuring touch. Giving more comfort, Chais rather breezily wrote that everything would be fine, that his son, a lawyer by training and manager of a venture-capital fund, was one of "the most thoughtful and honorable men" he knew. I can only suppose he included Madoff in that group...
...Galvin said yesterday in his complaint against Fairfield, these fund managers "misrepresented to clients the work they did" and "turned a blind eye" while "leaving their clients in the breach...
...lengthy cruise to get there would severely disfigure our astronauts. Prolonged habitation in zero-gravity environments might permanently cost astronauts a quarter of their skeleton due to osteoporosis. While many Americans view China’s space program as a threat, there is hardly enough political will necessary to fund such an ambitious proposal on a rapid timescale. The Orion capsules that will replace the space shuttle have already been delayed to 2015. It’s only a matter of time before waning interest spurs Congress to push the timeline back even further. Although President Obama has voiced support...