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...SIPA trustee handles bankruptcies when the Securities Investor Protection Corp. (SIPC) steps in to take charge of fallen brokerage houses. Picard is considered the superstar of SIPA trustees, having handled the largest cases SIPC has managed, and other large non-SIPC cases, such as portions of airline TWA's bankruptcy. He has participated in at least 38 major bankruptcy decisions. According to Stephen Harbeck, president of the Securities Investors Protection Corporation, Picard has served as trustee in more brokerage firm liquidations than anyone else in the U.S. (See the worst business deals...
...last 30 days, Picard has filed six major lawsuits, many against Madoff's largest feeder funds. The combined suits ask for the return of over $10 billion in fraudulent profits. Picard's complaints allege the people running the funds "knew or should have known" Madoff was a fake, simply based on the exorbitant, non-stop returns they received. Suits have been filed against Walter Noel's Fairfield-Greenwich Group, which withdrew $3.2 billion since 1995, Jeffrey Picower's funds, totaling $6.7 billion withdrawn, and against Stanley Chais, whose funds took out over $1 billion since 1995. (See pictures...
...work, but I think we will definitely improve next year with a bigger squad.” The women’s nordic team, with a mix of talented underclassmen and seasoned veterans, had one of its best years in recent memory. The contingent was the largest of Harvard’s four skiing squads and often placed the highest among the four at weekly carnivals. “We had a pretty strong girls’ team,” said men’s nordic junior Joe Tofte. “They skied well all year and should...
...government's recent bank stress test, examiners predicted that commercial real estate loan losses for the 19 largest banks in the nation would be far less than the value of home loans that go unpaid in the next two years - $53 billion vs. $185 billion. But Warren said she thought the two-year horizon of the government stress test may have understated the size of the banks' commercial real estate problem. The government assumed different default rates for each of the 19 banks for commercial real estate and other types of loans. Warren said the government had not given much...
...been selected for the 2009-2010 class of Nieman Fellows, the Nieman Foundation for Journalism at Harvard announced last week. Those chosen represent a diverse cross-section of the industry, from newspaper editors and photographers to multimedia reporters and radio journalists. This year’s class included the largest proportion of freelance journalists in the 72-year history of the fellowship. “The selection of more freelance journalists and fewer newspaper reporters reflects the changing nature of journalism,” said Nieman Foundation Curator Robert H. Giles. A number of fellowship recipients had recently repositioned themselves...