Tuesday, December 16, 2008

Global Reactions To Bernard Madoff's Ponzi Scam

Wall Street Journal: Spielberg and Katzenberg Get Hit

A few years ago, Hollywood financial adviser Gerald Breslauer shed most of his clients to focus on two top entertainment-industry figures: director Steven Spielberg and DreamWorks Animation chief executive Jeffrey Katzenberg.

Now both of Mr. Breslauer's remaining clients have been hit by the alleged fraud by New York money manager Bernard Madoff.

New York Times: Inquiry Finds No Signs Family Aided Madoff

Federal investigators have found no evidence so far that members of Bernard L. Madoff’s family helped him carry out what may be the largest financial fraud in history.

Los Angeles Times: Madoff debacle hits region's Jewish community

Wall Street financier Bernard L. Madoff's alleged $50-billion Ponzi scheme appears to have extended deeply into Southern California's Jewish community, with millions of dollars in losses tallied by charitable organisations, Hollywood executive Jeffrey Katzenberg and a foundation bankrolled by director Steven Spielberg.

The Boston Globe: MassMutual entity loses all client funds to Madoff

A hedge fund group owned by Massachusetts Mutual Life Insuranc of Springfield has lost all of its clients' money--more than $3 billion--to Bernard L. Madoff, the New York trader who confessed last week to losing $50 billion of his clients' funds in a Ponzi scheme, the Globe reported.

The Jerusalem Post: Madoff scam rocks Jewish charities

At least $600m in Jewish charitable funds have been wiped out by the collapse of Bernard Madoff's Wall Street investment firm. Yet much is still hidden about what may amount to the most spectacular financial disaster to hit Jewish life since the Great Depression, with unconfirmed losses totaling up to $1.5bn, the Post said.

Sydney Morning Herald: HSBC caught in Madoff's alleged fraud

Europe's biggest bank, HSBC, joined a list of top names in world finance admitting huge potential losses on Monday in a suspected fraud scam run by ex-Wall Street heavyweight Bernard Madoff.