Cheat Sheet
The Best In Brief
Zuckerman, Spielberg Lost Madoff Money
The carnage continues to spread from the collapse of Bernie Madoff's alleged Ponzi scheme. The Wall Street Journal this morning adds new names to the star-studded list of financial and charitable customers who will be affected, including the real estate titan Mort Zuckerman, Steven Spielberg's Wunderkinder Foundation, Sen. Frank Lautenberg, and the Elie Wiesel Foundation for Humanity. The process of liquidating the firm’s assets could begin today, and an important question will be whether the firm's trading arm, where Mr. Madoff's two sons worked, was truly separate from the money management side implicated in the criminal scheme. "If it was determined that the firms trading arm is independent, it might represent a valuable asset whose sale could benefit investors." Another variable is the Securities Investor Protection Fund a non-profit that may cover as much as $500,000 of losses per customer, small comfort to the blue chip investors who are exposed for billions of dollars that no longer exist.
This comment has been removed by The Daily Beast's editors.
This user is no longer registered.
n--Y--tavallaiJeepRover
Spielberg...Hmmm...I smell a movie coming on. Perhaps Spielberg will ruin Wall Street with a remake.
kernonnes
I don't think you need to use the word 'alleged'. Mr. Madoff himself described it that way, & he would know.
onbullshitdotcom
For crying out loud, the guy's name sound similar to "Made off" as in made off with your money.
MrCleaveland
How can this stuff keep happening???
Bankers are apparently the biggest dopes in all Creation. Apparently anybody can con 'em, including unemployed dolts looking for a home loan.
Lind101
While peripheral to the Madoff events, I find it distressing to have learned through this scandal that Spielberg has partnered with Chabad, which fund settlements on the West Bank, including in Hebron.
I feel like boycotting his movies (and I am Jewish).
Thank you.
As a first time user, your comment has been submitted for review. It can take anywhere from a few hours to a day or two for your comment to be reviewed, depending on the time of week and the volume of comments we receive.