Sunday, 21 September 2014
Last updated 2 days ago
Jul 13 2011 | 11:08am ET
The victims of Bernard Madoff's $65 billion Ponzi scheme will get their first, very small, payments later this year, almost three years after the arch-fraudster's scam collapsed.
Court-appointed trustee Irving Picard won court approval this week to move about one-third of the money he's collected on behalf of defrauded investors into a customer fund. But he'll only be able to send out about $272 million in the fourth quarter—just 4% of the total collected—with the rest still tied up in legal battles.
That means that the average Madoff victim approved by Picard for payment—and there are just 1,224 of those, all so-called "net losers" who invested more with Madoff than they withdrew—will get about $222,000 in time for the holidays.
In addition to the $7.6 billion Picard has collected, the trustee is still seeking billions more in lawsuits.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.