asterisk2a + madoff   22

Volkswagen Congress Hearing: Emissions scandal - watch live - YouTube
VW USA subsidiary CEO Michael Horn. // 'VW the people's car.' 36:40 - I had no understanding what a defeat device is & that it could be installed to cheat emission tests. [<< Symptom of being a conglomerate! Corporate Culture & Values.] min 38:09 - Is hardware, software & even has to do something with the fuel tank. In some models (gen 2) its just software & a sensor. // 49:20 - framing of the answer with EPA (influenced?), cars on the road right now, even they are not passing emissions test, "are legal & safe to drive for the owners." // min 57 NOx, air pollution. 'compensation will be part of discussion'. 40 times than allowable limit. // 1:11:00 - according to him, @ the current state of investigations, this was out of the engine-drivetrain-engineering/software/emissions department within VW. Was not a corporate executive decision from the top. [My 2 cents: more likely decision was made within those departments due to pressure from top to make the test pass happen. << 1:51:00]
VW  Volkswagen  conglomerate  corporate  culture  corporate  values  air  pollution  libor  rigging  scandal  banking  crisis  investment  banking  self-regulation  regulation  regulators  accountability  Wall  Street  shareholder  value  profit  maximisation  retail  banking  PPI  mis-selling  scandal  bank  crisis  CDO  CDS  pharmaceutical  industry  pharma  big  pharma  corruption  bribery  Petroleum  automotive  autoindustry  carbonemission  carbonfootprint  emissions  white-collar  crime  Justice  System  Law  &  Justice  corporate  state  corporate  media  Positioning  Meat  Egg  Dairy  food  industry  lobbyist  lobby  Lobbying  revolving  door  conflict  of  interest  fiduciary  responsibility  exploitation  ethics  ethical  machine  democracy  Career  Politicians  No  Representation  double  standard  Abgas-Affäre  Interestrateswap  corporate  social  responsibility  corporate  scandal  Chemical  Fashion  deception  PR  spin  doctor  monopsony  oligopol  madoff  Enron  Worldcom  BP  accounting  accounting  scandal  tax  evasion  tax  avoidance  crony  capitalism  TBTF  too  big  to  jail  too  big  to  bail  Ego  arrogance  Monsanto  Protection  Act  patent  troll  intellectual  property  willful  ignorance  willful  negligence  DeepwaterHorizon  tax  code  consumer  fraud  Protection 
october 2015 by asterisk2a
Why Madoff Victim May Have a Case for a Divorce Do-Over -
Is all really fair in love and war?
My colleague, Peter Lattman, wrote a fascinating front-page article on Tuesday about a divorced man trying to sue his former wife for the proceeds she received from the settlement after his assets — an investment with Bernard L. Madoff — turned out to be worthless.
The plaintiff in the case argues that the divorce settlement, reached in 2006, was based on fraudulent information because, at the time, they were unaware that the Madoff account was part of a huge Ponzi scheme.
Judging from reader comments, most of you believe that Steven Simkin, a lawyer at Paul, Weiss, Rifkind, Wharton & Garrison, has no case against his former wife, Laura Blank. The prevailing view is that this is a case of sour grapes.
As Andy Hain of Carmel, Calif. wrote: “What we have here is a big-time attorney who failed to perform due diligence and failed to exercise his common sense … and wants a bailout. I wonder what his clients are thinking.”
madoff  fraud 
june 2011 by asterisk2a
Uncle Sam Wants Your Money, Not Your Confession: Ann Woolner - Bloomberg
At least with Madoff and anyone else pleading or found guilty in criminal court, the public can be pretty sure they ripped off someone. But what about those who are never charged with crimes, who are accused only by the SEC in civil actions?
How are we to know whether an accused person or firm really lied to investors? Except for the rare defendant who denies wrongdoing and goes to trial, there’s no way to know.
Only about 20 lawsuits go all the way to trial out of more than 600 filed nationally a year, says SEC spokesman John Nester.
“Our main objective in any case is to obtain appropriate sanctions against wrongdoers,” says Nester.
Avoiding Trial

“An agency of the United States is saying, ‘Although we claim that these defendants have done terrible things, they refuse to admit it and we do not propose to prove it, but will simply resort to gagging their right to deny it,” U.S. District Judge Jed Rakoff wrote this week.
madoff  trial  prosecution  SEC  CFTC  2011  reform  regulation  fraud 
march 2011 by asterisk2a
US economics: One big Ponzi scheme - Opinion - Al Jazeera English
At the same time, the people investigating Madoff are making a small fortune. According to the Financial Times: "The army of lawyers and consultants helping to recover funds from Bernard Madoff's $19.6bn fraud stand to earn more than $1.3bn in fees, according to new figures that detail the cost of liquidating the huge Ponzi scheme."
The comments of readers to The Times appear to be more insightful than the paper’s own reports. Here is one from Texas: "I actually, sort of, feel sorry for this man. He was just doing what many investment firms were doing at the same time. He has been imprisoned as a scapegoat - yet many people since then - and to this day - are doing the same thing. Where are the indictments against the thousands of other people who did the same thing - and knowingly led this country into financial disaster?"
madoff  2011  SEC  nytimes  finance  FinancialCrisisInquiryCommission  Dodd-Frank  inequality 
february 2011 by asterisk2a
Prosecutors: East Village Man Behind Ponzi Scheme - Metropolis - WSJ
Hedge Fund Operator Accused of Running a Ponzi Scheme Brian Kim, the founder of Liquid Capital Management who has appeared on CBNC as a trading expert, was indicted on grand larceny and “scheme to defraud” charges that he bilked at least 45 investors out of $4 million, Cyrus Vance, the Manhattan district attorney, said on Tuesday.

 He allegedly used some investor money to make cash withdrawals for himself and to pay for groceries, his car payments, vacations to Atlantic City and Vermont and shopping sprees at Coach and Barneys New York, the CFTC said.
ponzischeme  2011  madoff  hedgefunds  CFTC 
february 2011 by asterisk2a
Why Isn't Wall Street in Jail? | Rolling Stone Politics
Rage Against the Money Machine Matt Taibbi is frustrated and angry at the lack of prosecutions stemming from the financial crisis: “The mental stumbling block, for most Americans, is that financial crimes don’t feel real; you don’t see the culprits waving guns in liquor stores or dragging coeds into bushes. But these frauds are worse than common robberies. They’re crimes of intellectual choice, made by people who are already rich and who have every conceivable social advantage, acting on a simple, cynical calculation: Let’s steal whatever we can, then dare the victims to find the juice to reclaim their money through a captive bureaucracy.”
politics  corporatism  corruption  government  fed  fraud  financialcrisis  FinancialCrisisInquiryCommission  law  madoff  2011 
february 2011 by asterisk2a
Milliardenbetrger: Madoff-Opfer verklagenBaseballteam - SPIEGEL ONLINE - Nachrichten - Wirtschaft
Sein Schneeballsystem soll auch ein Baseballteam finanziert haben: Deshalb verklagen die Opfer von Milliardenbetrüger Bernhard Madoff jetzt die New Yorker Mets. Angeblich wussten die Teambesitzer von Madoffs Treiben. 
New York - Die Geschädigten von Milliardenbetrüger Bernhard Madoff erheben neue Vorwürfe: Ihr Vertreter Irving Picard kündigte an, die Besitzer des New Yorker Baseball-Teams Mets auf 300 Millionen Dollar zu verklagen. Laut Picard erhielt die Mets-Muttergesellschaft Sterling Equities zusammen mit Gesellschaftern wie dem Mets-Besitzer Fred Wilpon und Team-Chef Saul Katz das Geld als fiktive Gewinne aus den Geschäften Madoffs.
madoff  2011 
february 2011 by asterisk2a
Madoff Lawsuit Says Greed Blinded HSBC to Fraud: Commentary by Ann Woolner - Bloomberg
But instead of running in the opposite direction, HSBC and its codefendants created, promoted, managed and supported an international network of feeder funds. They poured billions into Madoff’s Ponzi scheme, collecting hundreds of millions of dollars or more in fees.
Suing JPMorgan
So say lawyers at Baker Hostetler working with Irving Picard, the trustee who is liquidating Madoff’s business and gathering assets to distribute to victims.
The HSBC case is the latest of the suits Picard has filed against financial institutions. Last week it was New York-based JPMorgan Chase & Co. for $6.4 billion.
As Madoff’s primary banker for two decades, JPMorgan “was at the very center of that fraud, and thoroughly complicit in it,” David J. Sheehan, counsel for Picard, said in a statement.
HSBC  madoff  2010  jpmorgan  jpmorganchase  fraud  UBS 
december 2010 by asterisk2a
Refuting The SEC's Lies At The Core Of The "Flash Crash" Analysis | zero hedge
There were 6,438 trades totalling 75,000 contracts. We matched them by time, price and size to the 147,577 trades (844,513 contracts) in the CME time and sales data between 14:32 and 14:52 (they matched exactly).

The SEC report identified a Sell Algorithm selling 75,000 contracts as the cause of the flash crash. If the "Sell Algorithm" in the SEC report refers to the Waddell & Reed trades, then there is a problem. A big one. Looking at the trades in context with the other trades during that time, they appear insignificant. The W&R trades also do not occur near the ignition point (14:42:44.075) we identified earlier. Furthermore, the W&R trades are practically absent during the torrential sell-off that began at 14:44:20. The bulk of the W&R trades occurred after the market bottomed and was rocketing higher -- a point in time that the SEC report tells us the market was out of liquidity.

Something is very wrong here.
flashcrash  2010  may  SEC  madoff  fraud  stockmarket  HFT  algo  quantum  hedgefunds  liquidity 
october 2010 by asterisk2a

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