Madoff’s Investors Had About $36 Billion With Firm: Table
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By Josh Fineman and Saijel Kishan

Dec. 19 (Bloomberg) -- Clients of Bernard Madoff, the money manager charged with fraud, are still trying to calculate their losses, and Bloomberg’s latest tally of disclosures and news reports shows investors had about $36 billion with his firm.

In some cases, individual investor and bank losses may also be included in the total of reports from funds. Before his arrest last week, Madoff, 70, confessed to employees that his “giant Ponzi scheme” may have cost clients as much as $50 billion, according to an FBI complaint.

 



Client Total Source

Access International $1.4 billion Company statement,
Advisors Bloomberg Data

Alicia Koplowitz, $14 million Bloomberg News
One of Spain’s richest
women

Aozora Bank Ltd. 12.4 billion Company statement
yen ($137
million)

Banco Santander SA 2.33 billion Company statement
euros ($3.1
billion)

Bank Medici AG $2.1 billion Bloomberg News

Banque Benedict Hentsch $48 million Company statement
& Cie. SA

BBVA 300 mln euros Company Statement
($404 mln)

Benbassat & Cie. $935 million Reuters, citing Le Temps

BNP Paribas SA Up to 350 Company statement
million euros
($478.2 mln)

Boston philanthropist $145 million Boston Globe
Carl Shapiro’s
charitable foundation

Bramdean Alternatives 9.5 percent Company statement
Ltd. of assets

Caisse des Depots 1 mln euros Bloomberg News
et Consignations ($1.4 mln)


Clal Insurance 3 mln shekels Company statement
($778,800)

CNP Assurances 3 mln euros Company statement
($4.1 million)

Congregation Kehilath $3.5 million Bloomberg News
Jeshurun letter

Credit Mutuel 90 mln euros Bloomberg News
($124 million)

Dexia SA 78 million Company statement
euros ($106.9
million)

Edward Blumenfeld, Undetermined Bloomberg News
real-estate developer

EFG International $130 million Company statement

EIM Group $230 million Bloomberg News

Elie Wiesel Foundation Undetermined Wall Street Journal
For Humanity

Fairfield Greenwich $7.5 billion Bloomberg News,
Group Company Statement

Fix Asset Management $400 million Company Statement

Fortis Bank Netherlands 1 bln eurosBloomberg News
($1.4 bln)

GMAC LLC Chairman Most of its Wall Street Journal
Jacob Ezra Merkin’s $1.8 billion
Ascot Partners LLC of assets

Great Eastern $44 million Company statement
Holdings Ltd.

Groupama 10 mln euros Company Statement
($14 mln)

Hadassah $90 million Bloomberg News

Harel Insurance $14.2 million Company statement
Investments & Financial
Services Ltd.

Horowitz Association $800 million Haaretz newspaper

HSBC Holdings Plc $1 billion Company statement

Ira Rennert, Undetermined Variety
CEO, Renco Metals

Jeffrey Katzenberg, Undetermined Wall Street Journal
DreamWorks Animation

JEHT Foundation Undetermined; Company Statement
Will close

Julian J. Levitt $6 million Washington Post
Foundation

Kas Bank NV 9 mln euros Company statement
$12.3 mln

Kingate Management Ltd. $3.5 billion Bloomberg News,
FIM Advisors LLP Bloomberg Data

Korea Life Insurance Co. $50 million Yonhap News

Korea Teachers Pension $9.1 million Company statement
 

Leonard Litwin Undetermined Spokesman

Madoff Family Foundation $19 million Washington Post

Maimonides School $5 million Bloomberg News

Man Group Plc $360 million Company statement

Maxam Capital $280 million Wall Street Journal
Management LLC

Massachusetts State $12 million Boston Herald
pension fund

M&B Capital Partners 137.4 mln El Mundo newspaper
euros
($187.9 mln)

Mediobanca $671,000 Company statement

Mirabaud & Cie. A few million Reuters, citing Le Temps
Swiss Francs

Mitsubishi UFJ $11 million Company spokesman
Financial Group Inc.

Mort Zuckerman’s $30 million CNBC Interview
charitable trust

Natixis Up to 450 Company statement
million euros
($614 mln)

Neue Privat Bank $5 Million Bloomberg News

New York Mets Undetermined Company statement
owner Fred Wilpon’s
Sterling Equities Inc.


Nomura Holdings Inc. $302 Million Company statement

Nordea Bank AB 48 mln euros Company statement
($65.6 mln)

Norman Braman, Undetermined Wall Street Journal
Former owner of the
Philadelphia Eagles
Football Team

North Shore-Long Island $5 million Company statement
Jewish Health System

Notz, Stucki & Cie 760 mln Le Temps
Swiss francs
($696 mln)

Phoenix Holdings 48 mln shekels Company Statement
($12.42 mln)

Philoctetes Center undetermined Web site

Pioneer Alternative $280 million Bloomberg News
Investments

Ramaz School $6 million Bloomberg News
associated with letter

Reichmuth & Co.’s $330 million Letter to clients
Reichmuth Matterhorn
fund

Robert I. Lappin $8 million Washington Post
Charitable Foundation

Royal Bank of Canada Less than Globe and Mail
C$50 million
($40 million)

Royal Bank of $360 million Company statement
Scotland Group Plc

SNS Real Groep NV “minimal Bloomberg News
exposure”

Societe Generale SA Less than 10 Company statement
million euros
($13.7 mln)

Sumitomo Life 2 billion yen Company spokesman
Insurance Co. ($22 million)

Technion 25 mln shekels Company statement
($6.5 mln)

Telefonica SA’s 7.3 mln euros ABC newspaper
pension fund ($10.6 mln)

Tremont Group $3.1 billion Bloomberg News
Holdings Inc.

UniCredit SpA 75 mln euros Company statement
($102.5 mln)

Union Bancaire Privee # Less than Company statement
1.26 billion
Swiss francs
($1.08 billion)

Unione di 60.4 mln euros Company statement
Banche Italiane SCPA ($85 million)

U.S. Senator Frank Undetermined Bergen Record,
Lautenberg’s Bloomberg News
Charitable Foundation

Steven Spielberg’s Undetermined Wall Street Journal
Wunderkinder Foundation Bloomberg



Yeshiva University $110 million Bloomberg News
Yeshiva University
Newspaper


Total (approximate) $36 billion
 



Notes:
# Based on 1 percent of assets under management as of June 30.
 

 

Thousands_of_Small_Jews_scammed

By KARA SCANNELL
Investigators from the Securities and Exchange Commission rushing to uncover Bernard Madoff's alleged fraud last week found records from what appear to be thousands of clients but ran into trouble with a key Madoff lieutenant who was evasive, according to an SEC memorandum reviewed by The Wall Street Journal.

The SEC and other investigators are also examining the activities of Mr. Madoff's wife, Ruth, and what role she may have played in the alleged $50 billion Ponzi scheme that is believed to have lasted two decades, people familiar with the matter said. Ms. Madoff once worked at her husband's firm. Mr. Madoff was arrested last week and was released on bail under house arrest.

Federal authorities have been combing the offices and books of Bernard L. Madoff Investment Securities LLC for days trying to unravel the extent of the investment fraud and trace where the money has flowed.

The Madoff Fraud Case
SEC statement about failures in Madoff caseMadoff Bail ConditionsProperty collateralList of Victims | Complete CoverageDiscuss: Is the SEC an effective regulator?Mr. Madoff maintained records on thousands of securities positions for clients of his investment-advisory business in seven binders, the memo said. The positions were stated as being with "clearing banks," but the SEC said as of Dec. 12 it was unable to identify any such clearing banks.

"We are concerned that many or possibly all of these positions do not exist," the SEC wrote in the report.

The discovery of the binders supports the suspicion that Mr. Madoff held at least two sets of books -- a fake set to be used as the basis for statements sent to customers and another set that showed the assets Mr. Madoff actually held.

SEC Chairman Christopher Cox said earlier this week that initial information suggests Mr. Madoff "kept several sets of books and false documents, and provided false information involving his advisory activities to investors and to regulators."

The court-appointed trustee handling the affairs of the collapsed firm has hired Lazard Freres & Co. to help sell the trading operations of Mr. Madoff's company, according to a notice posted on the Madoff firm's Web site Thursday.

The investigation began Dec. 11 after a lawyer for Mr. Madoff's sons alerted the SEC to a possible fraud. SEC examiners quickly questioned Frank DiPascali, a Madoff lieutenant. According to the memo, Messrs. DiPascali and Madoff "controlled access" to the 17th floor where the investment advisory business was run "separately and very secretively" from the firm's market-trading business for institutional customers.

Mr. DiPascali "responded evasively" to the SEC's questions, according to the memo. He told the SEC he didn't know who was responsible for the clearance and settlement parts of the business. Mr. DiPascali hasn't been charged with any wrongdoing.

It isn't clear whether Mr. DiPascali is cooperating with prosecutors. Marc Mukasey, a lawyer for Mr. DiPascali, declined to comment on that point and said, "We're trying to sort through the facts like everybody else."

The SEC believes Mr. Madoff used a London affiliate, Madoff Securities International Ltd., as a key hub of operations for his money-management business, according to the memo.

Authorities interviewed employees at the London operation on Dec. 12. The employees said their business was strictly proprietary trading and that they performed no other services for the Madoff firm, the memo said.

A spokesman for the head of the U.K. operation said the unit placed bets on European stocks with the Madoff family's own money. The spokesman said the firm, which has ceased operations, had 28 employees, including 15 traders, and holds £105 million ($160 million) that belongs to the Madoffs.

SEC investigators also interviewed an employee they believed was involved in Mr. Madoff's back-office operations who, according to the memo, provided authorities with information about a bank account at J.P. Morgan Chase & Co. He told the SEC, "Here are all the secrets," according to the memo.

A J.P. Morgan spokesman declined to comment. Last week, a federal judge froze two Madoff bank accounts at J.P. Morgan Chase and three accounts at Bank of New York Mellon.

—Amir Efrati contributed to this article.

Jew_shapiro_$500million

Bernard Madoff 'fraud': Carl Shapiro reported to be biggest victim
A 95-year-old clothing millionaire from Boston is thought to be single biggest victim of Bernard Madoff's alleged $50bn fraud, after losing $545m (£357m), it emerged last night.

By Rowena Mason
Last Updated: 5:46PM GMT 18 Dec 2008

Carl Shapiro is reported to have invested $400m of his own money and $145m from his charitable foundation in Madoff's funds. Shapiro had a personal friendship with Madoff for more than 50 years, as the pair were neighbours in the exclusive Palm Beach area in Florida. The entrepreneur, who made his money founding a clothing chain, Kay Windsor, was said to be "stunned and saddened" to learn of the alleged deceit, according to reports in the Boston Globe.

Another high-profile victim, Walter Noel, is reported to be the biggest known corporate loser in the Madoff scandal, with losses of $7.5bn through his investment empire, Fairfield Greenwich. A New York Times report said that one of Noel's funds, Fairfield Sentry, invested exclusively in Madoff's enterprise.


 

Other big investors to lose money include London's Kingate Management at $3.5bn and Union Bancaire Prive of Geneva at $1bn.

Dozens of banks, hedge funds and charitable organisations have lost billions through a company that Madoff allegedly admitted was a "giant Ponzi scheme".

A large number of corporate and individual victims have begun hiring lawyers in an attempt to recover their investments, which are being pored over by the US Securities and Exchange Commission.

Some are considering suing the hedge funds and investment trusts that put their faith in Madoff's scam.

Last night, Christopher Cox, chairman of the SEC, ordered an investigation into why the regulator had not acted on "credible and specific allegations" regarding Mr Madoff.

 

 

 

 

 

Income_tax_scam

Tax Law to Provide Bailout to Madoff's Victims

Bloomberg: Madoff’s Victims May Recover Losses Through Tax Code, by Ryan J. Donmoyer:

Individual investors who lost money in Bernard Madoff’s alleged $50 billion fraud may be able to recover some of their money by seeking U.S. tax refunds. “The Madoff debacle will result in what amounts to another federal government bailout,” said Warren Kessler, an attorney at the Los Angeles law firm Kessler & Kessler. “It is likely that the Treasury will wind up refunding taxes,” at least on the loss of money individuals invested with Madoff, he said.

Capital-gains taxes paid by investors may be refundable for 2005 through 2007, lawyers said. In addition, they said investors probably can convince the IRS they are victims of theft, which would let them deduct losses from their income taxes dating back to 2005. Any unused theft losses could be used to reduce tax liabilities for the next 20 years. ...

 

Many of Madoff’s investors were charities and pension funds that were tax-exempt and wouldn’t be owed a refund. The extent of refunds to investors who paid taxes will depend on how much theft loss can be deducted by individuals and how much investment income was fraudulently reported to the IRS.

John Barrie, a tax partner at the New York law firm Bryan Cave LLP, said investors will want to claim a theft loss rather than an investment loss. A theft loss can be used to reduce ordinary income, while an investment loss can only offset capital gains, which most people don’t have this year, he said.

 

 

  charities
   

LOS ANGELES (AFP) – Steven Spielberg's charitable foundation fell victim to the mammoth 50-billion-dollar fraud allegedly carried out by Wall Street heavyweight Bernard Madoff, reports said.

It is not known if the Oscar-winning film-maker had chunks of his personal fortune invested with Madoff but the director's Wunderkinder Foundation has suffered losses, according to the Wall Street Journal.

The foundation could not be immediately contacted for comment.
 


The newspaper reported that about 70 percent of the dividend income and interest for the foundation had been handled by Madoff's securities firm, which is now the subject of one of the biggest fraud investigations in history.

The Journal also cited people familiar with the case as saying that Spielberg's partner at DreamWorks Animation SKG, chief executive Jeffrey Katzenberg, had sustained "millions in Madoff-connected losses."

The report said both Katzenberg and Spielberg were the only two clients of legendary Hollywood financial adviser Jerry Breslauer, who had dealt with Madoff since 2004.

Madoff was arrested last week and allegedly confessed to defrauding investors of 50 billion dollars in a scam that collapsed after clients asked for their money back due to the global financial crisis.

US authorities allege that Madoff delivered consistently strong returns to clients by secretly using the principal investment from new investors for payments to other investors in what is known as a "pyramid fraud."

The scheme apparently worked as long as Madoff could attract new investors but seems to have unravelled when some of his clients asked to withdraw their investment -- only to discover that his seemingly brimming coffers were empty.

 

 

 

 

 

holocaust_reparations

 
 

And how much in Holocaust reparations has been paid to date? As documented HERE in July 2007, the German government has already paid out a total of around €64 billion (in euros, which is $88 billion based on the exchange rate prevailing on July 13th, 2007) to Holocaust survivors. However, on page 306 of his book "Jewish Supremacism", Dr. David Duke estimates the total of all German Holocaust reparations payments to be at least $150 billion (click HERE to find out how to order your own paper copy of Jewish Supremacism).

Many of these
reparations to Israel were "in kind" payments, in the form of goods or services. On the same page, Dr. Duke states that "without German reparations..., Israel would not have half of its present infrastructure. All the trains in Israel are German, the ships are German, and the same goes for electrical installations and a great deal of industry...". Later in the same paragraph, Dr. Duke also points out that "In some years the sums of money received by Israel from Germany have been as much as double or treble the contribution made by collections from international Jewry".


Germany Ready to Discuss Holocaust Reparations With Israel
Großansicht des Bildes mit der Bildunterschrift: Israel's Holocaust survivors are ageing and in need of financial support
The German government remains open to the possibility of reopening the issue of Holocaust reparations if the Israeli government makes a formal request, an official spokesman said in Berlin.

"If the Israeli government wants to talk formally to the German government, we will not refuse to hold talks of this nature," Government spokesman Thomas Steg on Wednesday, Nov. 14, said in response to comments made by Israeli Pensions Minister Rafi Eitan to an Israeli newspaper last week.

"There has been a continuous policy over the past decades that all German governments have always been prepared to hold negotiations," said Steg, adding that there had as yet been no formal approach from Israel on the matter. "In Israel there is now a situation, a phenomenon of immigration of Jews from Russia and the former Soviet republics to Israel that was not foreseeable in the discussions in the 1950s and 1960s. It remains to be seen whether this should lead to new negotiations."

Eitan said Israel wanted to reopen the 1952 Luxembourg Agreement with Germany granting reparations for Holocaust survivors in remarks published last Friday.

Russian Jews increase the strain on the state

Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift: Eitan said events unforeseen in 1952 made previous agreements outdated
The pensions minister said the deal failed to take into account the longevity of the survivors or the arrival of the 175,000 who emigrated from the former Soviet Union.

Subsequently his spokeswoman, Elle Baror, said the minister did not wish to reopen the agreement, but rather wanted teams from Israel and Germany to meet in order to discuss ways of finding money to cover expenses which were not taken into account when the original deals were signed.

A spokesman for German Interior Minister Wolfgang Schäuble said talks on the issue were not on the agenda when Schäuble visits Israel on Thursday and Friday.

Holocaust survivors' associations welcome German news

News of Germany's willingness to address the topic of increased reparations should Israel make approaches was welcomed by the head of an association which oversees Holocaust survivors' organizations in Israel.

Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift: Survivors need help in making ends meet, says Flug
"We are very happy with Berlin's attitude, which shows continued German concern for the fate of victims of the Nazi regime," Noah Flug, himself a Holocaust survivor, told reporters.

Flug added that he would meet Germany's Finance Minister Peer Steinbrück during his visit to Israel next week.

"I welcome the chance to be able to explain to the German minister the demographic changes that have taken place in recent years," he said. "The health of survivors continues to worsen because most of them are over 80."

The most useful aspect on any reparation revision would be if Germany were to pay towards the increased expenses of Holocaust survivors, Flug said.

Critics say Israel can support its own

The media in Israel has been critical of the expected move to ask Germany to provide additional money. Many commentators say modern Israel has the financial clout to take care of the ageing Jewish survivors of the Nazis without asking Germany for extra help.

812.ma4.jpg


Germany has so far paid a total of 65 billion euros ($95 billion), or about 800 euros per German national, according to Flug.