Madoff “feeder” funds – as clear as mud

The Financial Times London reports that one of the biggest investors into Bernard Madoff’s firm warned its clients that his brokerage “could abscond with those assets”. It still managed to attract investments totalling $2.75bn. Kingate Global warned clients of the risk of giving custody of its assets to its investment manager. Mr Madoff wasn’t named in their marketing material, but […]

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Bernanke: Meltdown Won’t Be Worse Than 1929

Ben Bernanke Despite telling US President George W Bush that America faces an economic meltdown greater than the Great Depression, Federal Reserve chairman Ben Bernanke said Monday that today’s “social safety net” ensures that today’s problems are “no comparison” to the 1930’s catastrophe. “As a scholar of the Great Depression – and I’ve written books about the Depression and been […]

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No Personal Income Tax?

Conservative Texas congressman Louie Gohmert is proposing to put the remaining $350 billion of the $700 billion bailout towards a tax holiday from both personal income tax and FICA tax for Americans during January and February of 2009. The “tickle-up” spending plan “could electrify the American economy and provide overwhelming relief to taxpayers, all for less than the cost of […]

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