Word: ponzi
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...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...
...shows Madoff's direct victims but does not list the many other thousands of entities, from banks to charities, that were burned in Madoff pension, feeder and subfeeder funds. In testimony yesterday before the House Financial Services Committee, Harry Markopolos, an early whistle-blower on Madoff's $50 billion Ponzi scam, said there were at least 14 known major feeder funds. (See pictures of the demise of Bernie Madoff...
...known that feeder funds such as Fairfield Greenwich, Ascot Partners and Chais Investments, which are listed in the court document, had thousands of individual investors who placed billions into Madoff's Ponzi. These victims are not part of the list...
Madoff's greatest talent, the witness indicated, was his use of a "hook" or lure to play "hard to get" and the false security of exclusivity, a hallmark of a Ponzi scheme...
...story that seemed part financial doctoral thesis and part financial thriller, Markopolos told of his years of toil on the Madoff case, with often "disastrous meetings" with SEC enforcement chiefs. It was in 2005 when Markopolos wrote his now famous and lengthy report detailing Madoff's giant Ponzi scheme and pointing out 29 red flags. He sent it to the SEC, and nothing happened. But when he finally met the SEC's Boston branch chief, Mike Garrity, who had a willingness to "think outside the box," he felt some hope...