Word: ponzi
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Dates: during 2000-2009
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...private-equity firms, where partners are expected to regurgitate past earnings to make good on unmet promises to investors. And wherever outright fraud can be proved, those who benefited can be forced by the courts to disgorge their gains--as investors who withdrew money from Bernard Madoff's apparent Ponzi scheme before it collapsed might discover in the coming months...
...sponsoring numerous critically important human rights initiatives,” Giannini said in an e-mail. Over the years, JEHT has supported international organizations such as Human Rights Watch and Amnesty International as well as human rights programs at major universities including Yale, Columbia, and Brandeis. The alleged Ponzi scheme run by Madoff has paralyzed a number of charitable organizations, including the Picower Foundation, which consequently terminated funding for a diabetes research project at Harvard Medical School in December. —Staff writer Weiqi Zhang can be reached at wzhang@fas.harvard.edu...
Madoff never even came close to realizing the gains he reported and paid out to some investors. Yet even funds with fairly accurate estimates of unrealized gains are guilty of engaging in similar Ponzi practices in the short term. Here...
...except at a fatal loss, so it would sell its more liquid assets. Given that the fund is more likely to inflate its estimation of the illiquid assets, it would seem that investors who withdraw early get the better returns over that time period. Sounds a bit like a Ponzi scheme, right...
...there could be a little Ponzi scheme in every hedge fund. It is inherent to the model of the modern hedge fund. The only way to avoid these schemes is to regularly liquidate all assets and allow all investors to decide what to do with their cash returns. In the past, this would have meant seemingly diminished returns. With returns seemingly high, investors did not complain about the status quo. Now, given that regular liquidation would mean more transparency and diminished losses, in recent days investors' opinions would likely differ...