Tuesday, 30 September 2014
Last updated 4 hours ago
Feb 10 2012 | 2:42am ET
Despite a string of stinging legal defeats, the court-appointed receiver in the Bernard Madoff case says he isn't done with the owners of the New York Mets just yet.
Irving Picard asked U.S. District Judge Jed Rakoff to reject a bid by Fred Wilpon and Saul Katz to have his entire case against them thrown out—and to order the two to pony up the $83 million in phony profits they withdrew from Madoff in the two years before his Ponzi scheme collapsed in 2008.
Wilpon and Katz, in their dismissal motion last month, argued that they didn't know that Madoff was up to no good and that Picard can't prove that they did, a requirement Rakoff has imposed on him. Rakoff also whittled Picard's case down from more than $1 billion to just $386 million.
But Picard argued that the Mets owners, as sophisticated investors and longtime associates of Madoff, should have known something was amiss. Wilpon and Katz "ignored amassing red flags of fraud concerning their Madoff investments," a Picard spokesman said.
The Mets and Wilpons "had become utterly dependent on Madoff's investment returns, which over time had grown to become the very cornerstone of their business plans and personal finances," Stephanie Remus continued. "Moreover, they had become over-dependent upon their BLMIS accounts to secure hundreds of millions of dollars in bank loans—loans as to which, as they admit, could be in default upon just an investigation into BLMIS."
Picard also asked Rakoff for summary judgment on the $83 million, and that the judge allow the March 19 trial to proceed to allow him to try to collect the remaining $303 million.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...