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Under TALF, though, an investor has to make a down payment of just $8 million to get a loan from the government to buy $100 million in auto bonds. The loan costs 1.5% a year, or $1.5 million on $100 million, which lowers the investor's take-home return to $2 million. But remember, the investor had to put up just $8 million. That means the annual return on the much smaller up-front investment zooms to a fat 25%. Lower-rated auto loans can pay as much as 30%, but they have a much higher rate of default...
Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...
...Others seem to be coming around to the banking industry's position. On Tuesday, Federal Reserve Chairman Ben Bernanke said he would support changes in pricing illiquid assets. Also this week, investor Warren Buffett said in a CNBC interview that he would favor suspending the mark-to-market rules. Even the Securities and Exchange Commission (SEC), which has long backed these rules, recently asked the Financial Accounting Standards Board (FASB), a private group based in Norwalk, Conn., that sets accounting rules in the U.S., to look into the matter. FASB spokesman Neal McGarity says his organization is doing that...
Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...
When the CFTC's acting director of enforcement, Stephen Obie, was asked what the most outrageous use of investor money he's come across has been, his list was appropriately wacky. "The craziest things we've found recently," Obie said, "are a bust of Julius Caesar, an extensive garden-gnome collection, a $300,000 Mickey Mouse drawing, bejeweled ink pens, several of which cost more than $100,000, $4 million worth of custom tailored clothes, a silver set allegedly belonging to Paul Revere, and two purple Jaguars with hand-painted leopard-skin roofs." It should be added that Ruth Madoff...