Word: pensioned
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Dates: during 2000-2009
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Fairfield, Madoff's largest "feeder," with some $7 billion invested, was run by socialite Walter Noel. Through this entanglement of feeder funds, international hedge funds, sub-partnerships, and pension funds, with thousand of unsuspecting investors, Madoff was able to keep his house of cards standing much longer than he otherwise could have with his band of family members, small-time accountants, and clerks furiously cranking out false statements...
...Through this entanglement of feeder funds, international hedge funds, sub-partnerships and pension funds, with thousands of unsuspecting investors, Madoff was able to keep his house of cards standing much longer than he otherwise could have with his ragtag band of family members, small-time accountants and clerks furiously cranking out false statements...
...Remember, we, the investors, didn't know we were in feeder funds. We were in funds, be it pension funds or partnerships, that pooled monies to be invested in a primary investment fund that was managed by people we trusted, smart people that really had an angle on beating the market. Or so we thought. Had we known our life savings were being shunted over to another party that actually did the real work, we may have invested elsewhere. After all, why would we pay such piggy fees to people that did nothing...
...February, the University announced its early retirement incentive program for staffers at least 55 years of age and who have worked at Harvard for a minimum of 10 years as of June 30 of this year. Those who take the package will receive one-time pension benefits equal to their annual salaries, reduced by any severance packages they had been entitled to receive.—Staff writer Esther I. Yi can be reached at estheryi@fas.harvard.edu...
...small office in Kathmandu, the Gurkha Army Ex-Servicemen's Organization, which has been campaigning for pension parity between retired Gurkha and British soldiers, says it is ready to "declare war" with the government should the Prime Minister change his mind again. About 3,500 Gurkha soldiers are now serving Queen Elizabeth II, but tens of thousands apply to serve each year from Nepal's poverty-stricken Himalayan hills. Candidates, scrambling for a few hundred spots, have been known to try to fake their way; in 2008, nearly 500 false applications were detected, and dozens of candidates - required...