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...property, assess claims and liquidate any other assets of a bankrupt firm for the benefit of the estate and its creditors. Consequently, Picard is using his authority to collect from customers who received preferences, non-existent principal, and/or payouts of fictitious profits to the detriment of other defrauded customers whose money was consumed by Madoff's global Ponzi scheme...
...funds "knew or should have known" Madoff was a fake, simply based on the exorbitant, non-stop returns they received. Suits have been filed against Walter Noel's Fairfield-Greenwich Group, which withdrew $3.2 billion since 1995, Jeffrey Picower's funds, totaling $6.7 billion withdrawn, and against Stanley Chais, whose funds took out over $1 billion since 1995. (See pictures of the global financial crisis...
...women’s basketball team; he follows The Crimson’s coverage of the team because his age keeps him from traveling to watch his granddaughter play in person. Like the interview I conducted with the baseball team’s hearing-impaired student manager, whose enthusiasm for his teammates and life showed me the best that sports and Harvard have to offer.Stories like these have made it impossible for me—and, I suspect, the other writers whom I’ve been lucky enough to call friends—to cover Harvard sports with complete...
...economic recovery Naimi so optimistically predicts would certainly be vital to oil-producing countries, whose own economies would be imperiled by a drawn-out recession. Oil demand in rich countries has crashed since the onset of the economic crisis last year, and is now at its lowest level since about 1981, according to the Paris-based International Energy Agency. U.S. oil inventories - the stored surplus - this month reached their highest level since the 1980s. And about 2.6 billion barrels are currently stored in commercial tankers around the world. "There is some risk we will run out of storage space...
...there anyone who has any questions about underage females?" Not the typical way for the leader of a G-8 nation to begin a formal news conference. But this is Italy in the age of Silvio Berlusconi, the land of a flamboyant billionaire Prime Minister whose ambiguous relationship with an 18-year-old aspiring showgirl has dominated public debate for most of the month of May. Welcome to springtime in Berlusconistan...