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...along with the fund it audited, Ascot Partners. Investors in Ascot, which was managed by GMAC chairman J. Ezra Merkin and invested all its money with Madoff, lost a reported $1.8 billion. New York Law School said its endowment fund had $3 million in Ascot. It's the first suit to name an accounting firm in connection with the Madoff case...

Author: /time Magazine | Title: The Madoff Fraud: How Culpable Were the Auditors? | 12/17/2008 | See Source »

...middle-income initiative was felt across higher education, with Yale quickly following suit with a similar financial program. Stanford also expanded its aid program to make tuition free for families making less than $100,000 and other elite universities—including those in the Ivy League, MIT, Duke, and the University of Chicago—quickly followed suit...

Author: By Lingbo Li, CRIMSON STAFF WRITER | Title: Student Aid Stays In Wake of Crisis | 12/15/2008 | See Source »

Despite his gains, a growing number of investors began asking Madoff for their money back. In the first week of December, according to the SEC suit, Madoff told a senior executive that there had been requests from clients for $7 billion in redemptions. On Wednesday, Madoff met with his two sons to tell them the advisory business was a fraud - "a giant Ponzi scheme," he reportedly told them - and was nearly bankrupt. The sons reportedly contacted their lawyer, who then alerted federal authorities to the fraud. Before being caught, Madoff was working on a scheme to dole out his funds...

Author: /time Magazine | Title: Wall Street's Latest Downfall: Madoff Charged with Fraud | 12/12/2008 | See Source »

...Still in his black suit and traditional Islamic hat, Beydulla was taken to the local police station on the back of the cop’s motorcycle...

Author: By Elyssa A. L. Spitzer, CRIMSON STAFF WRITER | Title: Harvard Shelters Eastern Scholar | 12/12/2008 | See Source »

...Obama's senior aide, David Axelrod, wore earth tones, a tweed coat and no tie, while his campaign manager, David Plouffe, arrived in a proper dark suit with a glittering pink tie. McCain's campaign manager, Rick Davis, brought a knit blue tie (and wry sarcasm), while his chief pollster, Bill McInturff, sat beside Davis in a white shirt with an open collar. "Here we are in the year that we elected the first African-American President, and I get to share the stage with four white guys," joked the moderator, Gwen Ifill, a correspondent for PBS who was still...

Author: /time Magazine | Title: A Campaign Postmortem at Harvard | 12/12/2008 | See Source »

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