Archive for Business & Financial News

UK Banks Are ‘Outrageously Dumb’ according to hedge fund manager.

UK Banks Are ‘Outrageously Dumb’ according to hedge fund manager.

Offshore Banking – LLoyds TSB – LLoyds Bank chairman says doesn’t want government to raise stake

LLoyds TSB – LLoyds Bank chairman says doesn’t want government to raise stake

Earthquake Rocks Costa Rica. Registers 6.1

What seemed initially to be another one of the routine earthquakes we feel here on a regular basis in Costa Rica has fast evolved into a national emergency.
The Cruz Roja said Thursday night that more than 300 persons have been injured and that eight persons have died. Individuals remain trapped in workplaces, vehicles, buses and [...]

Business Week – USA – Ponzi Nation

Wall Street trader Bernard Madoff allegedly defrauds the rich and famous out of tens of billions of dollars. Minnesota businessman Tom Petters allegedly fleeces hedge funds out of $3.5 billion. And socialite New York lawyer Marc Dreier may have duped some hedge funds into giving him hundreds of millions of dollars for an apparently bogus real estate scheme.

Bloomberg – Madoff Confessed $50 Billion Fraud Before FBI Arrest

Bernard Madoff confessed to two sons this week that his investment advisory business was “a giant Ponzi scheme” that cost clients $50 billion before two FBI agents showed up yesterday morning at his Manhattan apartment.

New York lawyer charged with stealing millions from hedge funds

A prominent New York lawyer has been charged in a $100 million (£75 million) hedge fund fraud scheme in which he allegedly tricked his way into businesses so he could hold meetings in their boardrooms.
By Tom Leonard in New York
Last Updated: 12:27AM GMT 10 Dec 2008
Marc Dreier, 58, whose clients have included the rock star [...]