"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "


Chinese premier Wen Jiabao 12th March 2009


""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."


Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Saturday, December 13, 2008

Hank Paulson to help out Madoff clients with TARP funds - could there be anything more toxic ?

New York Mets owner Fred Wilpon, GMAC LLC Chairman J. Ezra Merkin and former Philadelphia Eagles owner Norman Braman who all invested in Wall Street veteran Bernard Madoff's alleged giant Ponzi scheme have called for Hank Paulson to use some of his TARP funds to cover their losses.

You can't find funds that are more toxic than this says Superwoman Nicola Horlick of Bramdean Alternatives Ltd. in London (10% of their funds have evaporated) and is supported by Union Bancaire Privee, Fairfield Greenwich Group and Tremont Capital Management of New York , Maxam Capital Management LLC reported a combined loss of $280 million on funds they had invested with Mr. Madoff.

BNP Paribas, Tokyo-based Nomura Holdings Inc. and Neue Privat Bank in Zurich are also in the hole for billions on behalf of their private clients.

More > Gothamist
Seeking Alpha

at 12/13/2008 12:07:00 pm

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