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...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Fairfield-Greenwich Group, which withdrew $3.2 billion since 1995, Jeffrey Picower's funds, totaling $6.7 billion withdrawn, and against Stanley Chais, whose funds took out over $1 billion since 1995.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...
...Despite such dangers, investors and oil producers are betting that global demand will roar back, apparently hoping that the recession has already hit bottom. Over the past two months, investors have plowed billions of dollars into oil futures. If the U.S. and other major industrial economies rebound, oil supplies could be depleted because the recession has prompted producer nations to freeze hundreds of projects to open new oil wells or upgrade existing ones. In the oil-rich Niger Delta, a major Nigerian government offensive against rebels has seriously disrupted production for several weeks. Venezuela's Oil Minister Rafael Ramirez said...
...club, www.thebase.co.nz, and Fat Eddie's jazz bar, www.fateddies.co.nz, rock their respective houses. Pub server Debbie Cartwright says "all ages hang together comfortably." Bryan Pearson, who manages local conference venues, thinks of Christchurch's navigable dimensions as a boon. "We have most of the benefits and amenities of a major city, with the essence of a village," he says...
...property, circa 1866, is a working sheep and cattle station that offers lodge accommodation if you feel like spending the night. But if you can't tear yourself away from downtown Christchurch, you'll be forgiven. "Most countries would kill to have just one of our major attractions," says venue manager Pearson. "We've got so many and still, the city remains the center...