Word: subs
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Dates: during 2000-2009
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...fund-raising generals-many close friends who were unlicensed to trade securities-down the line must have been given strict commands to avoid using the Madoff name. These generals ran many of Madoff's complex network of domestic and international feeder funds, which in turn created their own sub-funds. It was into these sub-funds many private investors, foundations, schools and other endowments poured their life savings. From the super wealthy, like Mort Zuckerman, to schmoes like me, the victim-cry is: Who the hell is Bernie Madoff? Had we known Madoff was behind all the "trades" maybe...
Generally, investors got into this private, no-prospectus game through a trusted family friend. In our case, the trusted friend was an affable, debonair fellow named Stanley Chais, who ran the Brighton and Popham investment groups for decades. We were in two sub-groups of Brighton, and they were small, 10 to 15 people - possibly so they would fly under regulator radar, victims now tell me. Brighton, it turns out, fed the money into Madoff. I'd sit next to Stanley at year-end holiday parties and, knowing my family's money was in his hands...
Nancy Silverton, the well-known Los Angeles restaurateur of Pizzeria Mozza and founder and former owner of LaBrea Bakery, was in a Chais sub-group called CMG, LTD. Some of our savings, and 50 others', were in that group, too. She's lost everything, over $5 million. CMG investors lost $80 million total, according to a 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...
...year has nearly drawn to a close, and what a year it has been. It was the year of “hope” and “change,” but also the year that “sub-prime mortgage” replaced “WMD” in the American lexicon. Recent history has been particularly depressing: Between Blagojevich and billion dollar bailouts, there has been little to be pleased about this past month. I still smile whenever I hear about the Somali pirates, but I have a feeling that even this may grow...
...pool cleaner, hoping to meet all the stay-at-home moms. It turns out the opening scenes of all those movies are a bit misleading. I got nothing but algae. So much algae. The horror. The horror. Freshman year, after I became well known for swatting jump shots from sub-five-foot Indian girls in B-league IM basketball, my Facebook profile was still surprisingly un-poked. I couldn’t explain it: I had worked it at all of the study breaks, and was staying in Annenberg late into every night. I was getting nowhere with the girls...