Irving Picard, the trustee unwinding Madoff’s investment firm in bankruptcy, is seeking court permission to sue “net winners” — customers who withdrew more than they invested with Madoff — as far back as six years before the Ponzi scheme collapsed.
Tagged with: Bernie Madoff Ponzi scheme
Read More »Three former executives at Dewey & LeBoeuf LLP, once the No. 3 legal adviser to banks handling merger deals, were charged with a “blatant” $200 million fraud that helped lead to the largest law firm bankruptcy in history.
Read More »The IRS official investigated by Congress over the tax agency’s scrutiny of Tea Party groups refused to testify at a U.S. House hearing, prompting a shouting match between the panel’s top Republican and Democrat.
Tagged with: Internal Revenue Service
Read More »Mortgage applications in the U.S. increased for the first time in four weeks as a decline in borrowing costs spurred home purchases and refinancing.
Read More »The decline of first-time home buyers has hurt U.S. sales and threatens to widen the wealth gap between owners, who benefit from appreciation, and renters.
Read More »Five former employees of Bernard L. Madoff told a “staggering” number of lies to prop up their boss’s $17.5 billion Ponzi scheme, a prosecutor said during closing arguments of their criminal trial.
Tagged with: Bernie Madoff
Read More »U.S. President Barack Obama’s budget will propose tax cuts for low-income families, a retirement savings plan and ask Congress to make permanent certain tax breaks to offset the cost of higher education.
Tagged with: Barack Obama
Read More »Former U.S. Treasury Secretary Timothy Geithner asked a judge to quash a subpoena by McGraw Hill Financial Inc. and its Standard & Poor’s unit seeking information tied to their claim that the U.S. sued the companies in retaliation for a downgrade of government debt.
Tagged with: Tim Geithner
Read More »Former Federal Reserve Chairman Ben S. Bernanke said the central bank should have explained more effectively that bailouts during the financial crisis were aimed at helping people outside the finance industry.
Tagged with: bailout Ben Bernanke
Read More »Consumer spending in the U.S. climbed more than forecast in January as incomes increased, making it more likely the biggest part of the economy will be able to sustain growth in early 2014.
Tagged with: consumer spending
Read More »
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