More victims of the Bernard Madoff Ponzi scheme could be made whole under a motion filed Tuesday in U.S. Bankruptcy Court in New York.» Read More
The Bernie Madoff story is making us all re-evaluate where we have our money. Let's make sure, if nothing else, it teaches us to be wary of potential cons.
Monday's market is still feeling last week's pain, as lowered earnings outlooks add to the downward pressure from big bank downgrades. And forensic analysts continue to sift through the alleged Bernie Madoff fraud, asking: Can investors get anything back? But CNBC heard from experts who are anticipating an annual Santa Claus rally — and think it's crucial to buy oil stocks and other selected equities now.
Since Bernard Madoff was arrested in connection with a $50 billion Ponzi scheme, the Fairfield Greenwich Group has portrayed itself as an another unwitting victim of the fraud. But for Fairfield, working with Mr. Madoff was hugely profitable, the New York Times reports.
Frazzled investors are asking one another about Bernie Madoff. The Ponzi scheme he allegedly orchestrated has caused a lot of angst on the Street.
On Friday, the auto bailout was announced: General Motors and Chrysler will get up to $17.4 billion in short-term loans from the U.S. in return for deep concessions. Treasury boss Hank Paulson reversed himself, asking for the second half of the TARP fund. Who gets bailed out next — and where does it end? Strategists told CNBC the bailout is going to make things worse; but one airline CEO sees a healthy Darwinian process.
Eric Swanson received a startling call last Thursday from his wife, Shana D. Madoff, who said that something was terribly wrong. Officials from the Securities and Exchange Commission and the Justice Department had swooped down on the offices of Madoff Investment Securities, where Ms. Madoff was the compliance lawyer, seizing records and asking pointed questions as they began investigating one of the largest frauds in Wall Street history.
A man who knew Bernie Madoff professionally for 40 years was skeptical of Madoff’s “extraordinary” performance, he told CNBC in an exclusive interview.
Thursday: U.S. jobless claims eased from a 26-year peak but still showed weakness in the economy. After the Federal Reserve's moves this week, homeowners are scrambling to refinance; the dollar is sliding against the euro. And the second half of the $700 billion TARP bailout fund looks likely to go toward foreclosure relief and economic stimulus. CNBC heard from experts who say crude oil prices are finally correct — and oil, stocks and gold are going to soar.
Only the most sophisticated investors banked with Bernie. But they seemed to forget the most basic of rules.
As the Securities and Exchange Commission begins an internal examination into how it missed the red flags of one of the largest frauds in history, it will inevitably discover that Bernard L. Madoff was a Wall Street pioneer who over the last 20 years alternately impressed and infuriated the agency’s top policy makers, the New York Times reports.
Almost no segment of New York City’s real estate industry was spared in the Madoff scandal. Commercial brokers large and small, little-known developers and prominent families like the Wilpons and Rechlers all lost money to Bernard L. Madoff, the New York Times reports.
You think he ran the biggest Ponzi scam? Try Social Security.
We had been camped out here at the federal courthouse for two days now waiting for Bernie Madoff before we got a shot of him.
We don't have any really good data showing specifically how Bernard Madoff pulled off his alleged ponzi scheme that shorted investors out of a potential $50 billion. The only thing we have right now to go on is...his golf scores.
Cramer's giving out an award for the market's top decision-maker.
Some of the bad news Tuesday was "less worse" than many feared: Goldman Sachs reported its first quarterly loss since going public — but the $2.1 billion loss was much narrower than many had feared and Goldman shares rose as much as 11 percent. Stocks soared on the Federal Reserve rate-cut decision and options trading looks bullish on Boeing. CNBC heard from experts who predict a massive OPEC cut and more Fed moves to come.
Securities and Exchange Commission Chairman Christopher Cox has asked the agency's inspector general to investigate the SEC's conduct with regard to the alleged Ponzi-scheme linked to money manager Bernard Madoff, CNBC has learned.
Experts offer five basic strategies on how not to be the next victim of trap like Bernie Madoff allegedly set.
"There were people in Omaha who thought what I was doing was some sort of Ponzi scheme." That's Warren Buffett talking about his early days as a money manager in the late 1950s, as quoted by Alice Schroeder in her recent Buffett biography The Snowball. It wasn't as crazy a thought back then as it might seem now.
What could be Wall Street's largest scam in history can teach us all to be wary when it comes to who we invest with.