Ten days before his arrest, Bernard Madoff received $250m from a man who helped give him his start on Wall Street, a move that shows how the investment manager tried to raise cash to stave off his firm's collapse, The Wall Street Journal reports.
Madoff received $250m around 1 December from Carl Shapiro, a 95-year-old philanthropist and entrepreneur, who is one of Madoff's oldest friends and biggest financial backers, according to people familiar with the matter. It isn't clear whether the sum was a loan or an investment. KAUPTHING IS SUING the Government over its handling of the stricken Icelandic bank's UK subsidiary in a legal action bankrolled by the Icelandic Government, according to The Times. Lawyers for Kaupthing, formerly Iceland's largest bank, will file a lawsuit at the High Court in London today attacking the way i...
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