The mystery surrounding Bernard Madoff's $50bn Ponzi scheme deepened further last night as it emerged there was no evidence the alleged fraudster traded a single share on behalf of his clients, reports The Guardian .
America's financial industry regulatory authority, told the Guardian that in more than 40 years examining the books of Madoff's brokerage, investigators never saw a share traded on behalf of his investment advisory business.
Madoff is said to have confessed that his investment business was a Ponzi scheme that siphoned $50bn from friends, charities and thousands of others. The brokerage, meanwhile, was a legitimate business trading shares wholesale on behalf of investment banks, mutual funds and other institutions.
"Our investigations of Bernard Madoff's broker dealership showed no evidence that any shares were ever traded on behalf of his investment advisory business," a spokesman for Finra said, adding that the regulator had been looking at his books since 1960.
KENNETH CLARK RETURNS to the Conservative front bench today in David Cameron's biggest gamble since becoming leader, according to The Times.
The former Chancellor becomes the new Shadow Business Secretary and will take on the recently returned Lord Mandelson, though as MP and peer respectively the two will not face each other in Parliament.
Mr Cameron decided to risk the wrath of the Tory Right, and to face down reservations among some of his closest supporters, in the interests of bolstering his frontbench team with one of the few Conservative heavyweights remaining in the Commons.
The return of the party's leading Europhile would have seemed unthinkable until only recently, but the Tory leader has taken him on his word that he will not make trouble on the issue.
A LEADING IRISH ECONOMIST has called on Dublin to threaten withdrawal from the euro unless Europe's big powers do more to rescue Ireland's economy, says The Telegraph.
"This is war: countries have to defend themselves," said David McWilliams, a former official at the Irish central bank.
"It is essential that we go to Europe and say we have a serious problem. We say, either we default or we pull out of Europe," he told RTE radio.
"If Ireland continues hurtling down this road, which is close to default, the whole of Europe will be badly affected. The credibility of the euro will be badly affected. Then Spain might default, Italy and Greece," he said.
Mr McWilliams, a former UBS director and now prominent broadcaster, has broken the ultimate taboo by evoking threats to precipitate an EMU crisis, which would risk a chain reaction across the eurozone's southern belt, where yield spreads on state bonds are already flashing warning signals. The comments reflect growing bitterness in Dublin over the way the country has been treated after voting against the EU's Lisbon Treaty.IFAonline
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Switching 'hard and expensive'
Smaller funds still packing a punch
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