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...looks like Madoff, who went by Bernie, may also have been a crook, and quite possibly one of the largest Wall Street has even seen. According to the U.S. Attorney's office in the southern district of New York, Madoff admitted to defrauding clients for up to $50 billion in a massive Ponzi scheme that was committed over a number of years. (See the top 10 scandals...
...surface, Madoff's funds were supposed to be low-risk investments. His largest fund reported steady returns, usually gaining a percentage point or two a month. The funds' stated strategy was to buy large cap stocks and supplement those investments with related stock-option strategies. The combined investments were supposed to generate stable returns and also cap losses...
...ethnic communities are wide and diverse. The city's population increased more than six-fold during the early 20th century industrial boom, fed largely by an influx of Irish, Germans, Scots, Poles, Italians, Greeks, Serbians, Turks, Armenians, Jews, Arabs and Lebanese. In fact, "it is home to the largest concentration of Arab Americans in North America," says Warren David, founder of Arabdetroit.com and president of David Communications, a public relations firm specializing in Arab-American and Islamic markets. "Many initially streamed in from Syria for economic reasons. The silk industry had collapsed there, and the U.S. car companies were actively...
...alienated lawmakers and would-be allies. If anything got passed, says Duffett, legislators "knew the governor would get credit for it." There was also the misguided audacity of his political tactics. He tried to fund his health-care plan, for example, in a budget that included one of the largest proposed tax increases in Illinois history. He lost that battle in humiliating fashion, garnering not a single vote in the state house of representatives. His attempts to privatize Illinois' downtown office property failed miserably as well...
...latest trade data show that sustaining China's economic boom over the next year will prove arduous if not impossible. Last month China's exports, a major driver of the world's fourth-largest economy, fell by 2.2% compared with November, 2006. The result marked the country's first decline in exports in seven years and was a sharp reversal of the double-digit growth rates manufacturers have typically posted in recent years. The drop was "a shock figure," says Ben Simpfendorfer, the Hong Kong-based chief China economist for the Royal Bank of Scotland. "I had expected exports...