Word: funds
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Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...
Also last week, North Hills Management, a New York City-based $40 million investment fund run by Mark Evan Bloom, was charged by the same agency with "misappropriating for personal use" more than $13 million from its clients' fund. (See the top 10 financial-crisis buzzwords...
...until last month, Chuck Hays ran a fund called Crossfire Investment, with $5.5 million in assets. What did he do with his clients' money? What else - went out and bought himself a $4 million yacht, from which he ran the alleged scam, according to CFTC and SEC complaints. In early February, the agencies dropped anchor on Hays...
...infighting led the finance minister to resign last month, complaining that he had become "a hostage to politics." The lack of unity on the budget also led the International Monetary Fund (IMF) to delay disbursement of the second installment of a $16.4 billion loan, sorely needed to shore up banks and the wobbling currency...
...That's a shame, because this is an interesting budget. It was originally drafted last year, but congressional Democrats didn't want to send it to President Bush, so it will only fund the government from April through September. Still, it's a real window into their priorities: a 21% increase for worthy low-income nutrition programs, a 13% hike for the already bloated Agriculture Department, a long-overdue 10% boost for Amtrak, cuts for Bush-era abstinence and foreign aid programs, zero for a Bush-era reading program plagued by cronyism and mismanagement. The budget is also notable...