Word: ponzis
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Dates: during 2000-2009
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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...
...Services Committee hearing, the former investment manager told how his nine years of repeated warnings to SEC enforcement officials went ignored and how they dismissed his detailed "red flag" reports. Markopolos also told the committee that tomorrow he will be turning over evidence to the SEC of another major Ponzi scheme, a $1 billion "mini-Madoff." It's expected that the SEC will pay closer attention to him this time. (Read "Bernie Madoff's Victims: Why Some Have No Recourse...
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...
Kessler's investigations found that brokers "lived lavishly and there were a lot of red flags, not the least of which was that Cosmo was a convicted felon." (Read "The Ponzi Scheme in Every Hedge Fund...