Word: sentelis
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Many of Madoff's clients invested in his funds through a number of feeder funds, which were sold by other firms. Like supermarket brands, the funds carried the name of the investment-adviser firm, which then sent the money to Madoff to be managed. One such fund, the Tremont Broad Market Fund, attracted billions of dollars to Madoff. Many of these funds leveraged their own investment in Madoff's funds, which could amplify the losses felt by the collapse of Madoff's firm. (See the top 10 worst business deals...
Another Madoff feeder fund was run by Maxam Capital. The head of that firm, Sandra Manzke, a former head of Tremont, has recently been outspoken about misbehavior in the hedge-fund industry. She recently sent a letter out to hundreds of hedge funds berating them for their large fees and for halting client redemptions when funds were down. "I am appalled and disgusted by the activities of a number of hedge-fund managers," she wrote in late November...
...Axelrod said Obama sent him a draft on his Blackberry at 2 a.m. the night before he was to give the speech...
...said ‘no, I didn’t do anything,’” Beydulla said. “So they sent me to jail and said, ‘you will be wise if you stay in jail a little while...
...Simpfendorfer says he believes the 2.2% contraction - exports grew by 19% in October - was caused by a lack of overseas consumer demand for Chinese manufactured electronics. Electronics are shipped closer to the Christmas rush period, he notes, unlike toys and cheaper goods that are sent out months in advance. The fall indicates that weak markets in the U.S. and Europe aren't the only culprit. "To get a decline of this magnitude does suggest that this is a global story," he says...