The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
"I think (rate cuts) will help, but whether they're going to be sufficient to counter the negative trade pressures and global growth slowdown and impact is debatable," one...Central Banksread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
Alibaba held a board meeting before its latest quarterly earnings release last week, during which the board decided to postpone the Hong Kong listing, Reuters reported.Technologyread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
The two countries want to smash the civil aerospace duopoly enjoyed by Airbus and Boeing.Aerospace & Defenseread more
Federal Reserve Chairman Jerome Powell is set to deliver his annual speech on Friday at the Jackson Hole, Wyoming symposium, where he's expected to provide more clarity on the...Asia Marketsread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
U.S. and Asian investors poured $3.7 billion into U.K. tech start-ups in the first seven months of 2019, research shows.Technologyread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Secretary of State Mike Pompeo privately told business executives and free traders that the trade war could end by the 2020 election and that hurdles to an immediate agreement...2020 Electionsread more
Bernie Madoff's victims will start to see some monetary relief soon.
The Department of Justice announced Thursday that an initial distribution had begun to more than 24,000 victims of Madoff's Ponzi scheme, called the largest Ponzi scheme in history.
"We have recovered billions of dollars from third parties – not Mr. Madoff – and are now returning that money to tens of thousands of victims," Deputy Attorney General Rod J. Rosenstein said in a statement.
Rosenstein called the distribution the largest restoration of property ever.
The initial distribution includes $772.5 million, only a fraction of the more than $4 billion in assets that were recovered for the victims in total, according to a press release issued today.
Madoff used his position as the chairman of Bernard L. Madoff Investment Securities to swindle billions of dollars from tens of thousands of people over the course of more than four decades between the early 1970s and his 2008 arrest.
On March 12, 2009, Madoff pled guilty to 11 federal felonies and was sentenced to 150 years in prison. He was also ordered to forfeit $170,799,000,000.
Of the $4 billion that will be distributed to victims of the scheme, more than half came from the estate of Jeffry Picower, a Madoff investor who reportedly profited more than Madoff from the Ponzi scheme and was later sued by Madoff investors.
Another $1.7 billion was collected as part of an agreement with JPMorgan Chase Bank, according to the Justice Department's release. The bank was fined under the Bank Secrecy Act, which requires banks to notify law enforcement of suspicious activity.