Word: personales
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Take Stephen Walsh and Paul Greenwood, operators of Westridge Capital Management's $1.3 billion in assets, who last week were charged by the Commodity Futures Trading Commission (CFTC) with allegedly "misappropriating" at least $553 million either for personal expenses or to cover trading losses. The CFTC is the sister agency...
The charge alleges Walsh and Greenwood gave themselves $8.2 million in employee "advances" and another whopping $160 million for personal expenses. The complaint detailed funds' being used for buying rare books at auction, purchasing expensive horses, laying down $80,000 for a Steiff teddy bear and providing the ex-Mrs...
Also last week, North Hills Management, a New York City-based $40 million investment fund run by Mark Evan Bloom, was charged by the same agency with "misappropriating for personal use" more than $13 million from its clients' fund. (See the top 10 financial-crisis buzzwords.)
Bloom had the pluck to use other people's money to buy a $5.2 million New York City apartment near the mayor's mansion in 2003 (coincidentally in the same building where Madoff's son Andrew lived), which he then flipped for $11.2 million in 2007, the CFTC charge states...
The money would come in a massive economic-aid package, the Kerry-Lugar bill, which would send $1.5 billion to Pakistan for each of the next five years - although how that aid would be distributed, a crucial question given Pakistan's rampant corruption, has yet to be determined. Military aid...