Word: madoff
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...institutional budget crisis - not at the museum, which is largely self-sufficient, but at the university. Since June, Brandeis has seen its endowment fall from $712 million to $530 million. Over the next six years it projects a budget shortfall totaling $79 million. And the collapse of Bernard Madoff's alleged Ponzi scheme has taken a toll on important Brandeis donors. Two of the biggest, Carl and Ruth Shapiro, lost $400 million in family money and half the assets - $145 million - of their philanthropic foundation...
Garrity, he said, understood Madoff's impossible returns, but the problem was location: Madoff was not in the New England region. Were jurisdiction not a problem, "he would have had an inspection team inside Madoff's operation the very next day," Markopolos said. Ed Manion, a 15-year SEC-certified financial analyst, also urged Markopolos to continue his investigation. Manion, he said, was the "only one who understood [Madoff's] threat to the public...
...editors never approved an investigative piece, so things went back to the SEC's Cheung, and there it stopped. "It is a sickening thought," but if the SEC or the Wall Street Journal "would have picked up the phone and spent one hour contacting the leads" provided, Markopolos said, Madoff would have been stopped in 2006, and "untold billions" would have been saved...
Interestingly, Markopolos said he never went to the Financial Industry Regulatory Authority (FINRA), a nongovernmental regulator that oversees 5,000 brokerages, out of fear for his safety: "Bernie Madoff was chairman of their predecessor organization and his brother Peter was former vice chairman." Those links to Madoff, he felt, could have exposed him to harm, especially since a lot of feeder fund money "was coming from Russia and South America...
...point he also suggested that it might be better to disband it or merge it with another agency. The bigger fix, he said, was to create one "super regulatory agency" and one national banking regulator, thereby filling regulatory gaps and duplication. Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...