Word: stanley
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...Citigroup has begun to take itself apart. Its Smith Barney brokerage operation is being merged with a similar business at Morgan Stanley (MS). It is not clear how that is good for Citi, but its executives probably are taking as much care thinking through tearing down the company as they did building...
...Germany, said it would post a loss of $6.4 billion. Analysts believe the red ink at Citigroup (C) could be more than $10 billion. Bank of America is expected to turn in a $3.6 billion loss. Those figures do not include JP Morgan (JPM), Wells Fargo (WFC), Morgan Stanley (MS), Goldman Sachs (GS) and a number of deeply troubled overseas companies including UBS (UBS), Credit Suisse (CS), and Barclays...
...what to do and whom to sue. Currently there are 17 legal cases filed against Madoff or his feeder-fund managers, according to the D&O Diary, a legal blog following the case. Some of these suits are akin to grasping at straws. For example, my feeder-fund manager, Stanley Chais, has already said he's broke because of losses suffered with Madoff...
...better or worse, our decision to invest was based on our faith in him, not unlike the way one puts trust in any stockbroker or financial adviser, but more so. If Stanley's running things, we'll go with it. This trust, the history of success, made it as good, if not better than any investment out there. Had we-and the many other devastated investors I've talked to over the last week-heard the name Madoff perhaps we would have checked him out, seen some of the red-flags, and maybe made a different decision...
...class action suit filed in United State District Court in California last week. Silverton's family, in another Chais group called Caroline, also lost everything. It's unclear how many sub-groups Chais had going, but there were at least six I know of in the Los Angeles area. Stanley says he's lost everything, too, including his substantial Chais Family Foundation, which has shut down...