Word: solding
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...part of an investigation they were conducting about my investment advisory business, I knowingly gave false testimony under oath to the staff of the SEC on May 19, 2006 that I executed trades of common stock on behalf of my investment advisory clients and that I purchased and sold the equities that were part of my investment strategy in European markets. In that session with the SEC, which took place here in Manhattan, New York, I also knowingly gave false testimony under oath that I had executed options contracts on behalf of my investment advisory clients and that my firm...
Nevertheless, to support my false claim that I purchased and sold securities for my investment advisory clients in European markets, I caused money from the bank account of my fraudulent advisory business, located here in Manhattan, to be wire transferred to the London bank account of Madoff Securities International Limited...
Last March, when Kenneth LaRoe set out to start a bank in Eustis - the next town over from Tavares - the speed bumps were already starting to pop up. Building a bank was old hat to LaRoe. The one he founded in 1999, he sold to a larger company in 2006, quadrupling investors' money. This time around, he lined up $24 million in commitments in three months. Then came IndyMac. On July 11, the FDIC moved to take over the nation's seventh largest savings and loan, a casualty of aggressive home lending and one of the biggest bank failures...
LaRoe started getting calls immediately. People who had pledged to invest half a million dollars were dialing back to $200,000. Those who had been offering $200,000 were opting out altogether. Throughout the fall, the hits kept coming. Washington Mutual collapsed. Wachovia was sold off. Treasury Secretary Hank Paulson went before Congress begging for money, looking as if he'd seen a ghost. "It got to the point where I didn't want to pick up the paper or turn on the TV," says LaRoe. "The mantra I kept singing was 'This is perfect, guys. This is perfect...
...affecting real people's lives. We did that last week with "So You Think You're Insured?" and the week before that with our special economic package "Holding On for Dear Life." And we've been defining this economic crisis since our signature cover story "How Wall Street Sold Out America" the week Lehman Brothers went under. We captured the mood of the nation with our "The New Hard Times" cover in October, not to mention channeling a sense of the public anger in our much discussed "25 People to Blame" package last month...