Archive for 26 diciembre 2008
Posted in Uncategorized on diciembre 26, 2008|
acerca de la crisis
estoy colgando, lamentablemente sólo en inglés, una serie de artículos, de varios autores reconocidos, que he leído en las últimas semanas en The Nation, Counterpunch y The Monthly Review. Me parecieron significativas opiniones sobre la crisis financiera internacional y las recomiendo. Hay una nota final sobre la situación actual de los Derechos Humanos a nivel internacional que me pareció muy importante incluir.
Where’d the bailout money go? Shhhh, it’s a secret
Associated Press/AP Online, Dec. 22, 2008
Posted in Uncategorized on diciembre 19, 2008|
Aca van algunos nombres.
DECEMBER 16, 2008
The fallout from Bernard Madoff’s alleged Ponzi scheme reverberated around the world as
the list of investors facing losses widened. Among the biggest losers were charities, hedge
funds, and banks in Europe and Asia. Below, see some of the most exposed investors and
sort by the amount of potential losses. –Updated 12/16/08
Amount of Exposure
Fairfield Greenwich Advisors
An investment management firm
More than half of Fairfield Greenwich’s $14.1 billion in assets under management, or
about $7.5 billion was connected to Madoff.
Tremont Capital Management
The fund-of-funds business run by Tremont Group Holdings
Tremont’s Rye Investment Management business had $3.1 billion invested, and its fund of
funds group invested another $200 million.
In euros, the figure is 2.33 billion.Of that, 2.01 billion euros belongs to institutional
investors, Optimal Strategic hedge fund investors (international private banking
customers); 320 mllion euros belongs to other private banking customers.
The bank had two funds with $2.1 billion (1.5 billion euros) invested with Madoff.
A hedge fund founded by billionaire investor, philanthropist and GMAC chief J. Ezra Merkin
The hedge fund had $1.8 billion under management as of Sept. 30, had substantially all of
its assets invested with Mr. Madoff.
Access International Advisors
A New York-based investment firm
Fortis Bank and its subsidiaries have no direct exposure to Bernard Madoff Investment
Securities LLC, but parts of the group do have a risk exposure to certain funds it provides
collateralised lending to. If, as a result of the alleged fraud, the value of the assets of these
funds is nil and the respective clients cannot meet their obligations, Fortis Bank Nederland
(Holding) N.V.’s loss could amount to around EUR 850 million to EUR 1 billion. The
continuity of Fortis Bank Nederland (Holding) N.V.and its subsidiaries is not at stake in any
Union Bancaire Privee
The bank’s exposure to Madoff — less than 1.26 billion Swiss francs — is less than 1% of
overall bank assets.
HSBC provided financing to a small number of institutional clients who invested in funds
with Madoff; some clients in its global custody business have invested with Madoff, but the
company doesn’t believe these arrangements should be a source of exposure to the
A French investment bank
The company says it didn’t make direct investment in Madoff-managed funds; some
investments made on behalf of customers could have ended up being managed by Madoff.
Exposure is about 450 million euros.
The founder and former chairman of apparel company Kay Windsor Inc., and his wife
Mr. Shapiro, a 95-year-old apparel entrepreneur and investor, had $545 million with Mr.
Madoffâ€”creating what could become the largest personal loss yet in the scandal. A
spokeswoman for the family confirmed that Mr. Shapiroâ€™s charitable foundation, the
Carl and Ruth Shapiro Family Foundation, invested $145 million with Mr. Madoff. Mr.
Shapiro and his family had an additional $400 million or more invested with Mr. Madoff.
Mr. Shapiro, a widely respected philanthropist, was one of Mr. Madoffâ€™s earliest and
Royal Bank of Scotland Group PLC
The bank had exposure of about 400 million pounds to Madoff through trading,
The company said it has no investment of its own in Madoff-managed hedge fund but it
does have risk exposure (up to 350 million euros) through its trading business and
collateralized lending to funds of hedge funds.
The company reiterated it doesn’t have direct exposure to Madoff but would face losses of
300 million euros if Madoff funds were found not to exist.
Man Group PLC
A U.K. hedge fund
Invested in funds directly/indirectly sub-advised by Madoff Securities
Reichmuth & Co.
A Swiss private bank
The Lucerne-based private bank warned investors that around 385 million Swiss francs, or
3.5% of its assets under management, were affected.
Japanese brokerage firm
The 27.5 billion yen exposure is through Fairfield Sentry; That amount represents 0.2% of
assets under management.
Maxam Capital Management
A fund of funds based in Darien, Connecticut
The fund reported a combined loss of $280 million on funds they had invested.
A European investment manager with about $11 billion in assets
The European investment manager with about $11 billion in assets. Overall, EIM assets at
risk are less than 2% of what it manages.
French insurance giant
Exposure is well below 100 million euros.
The company’s total exposure is about 75 million euros. Dublin-based Pioneer Alternative
Investments is indirectly exposed to Madoff via feeders; Italian clients have zero exposure.
Nordea Bank AB
The amount of exposure is about 48 million euros.
A Swiss private bank owned by St. Galler Kantonalbank
Hyposwiss said roughly 0.1% of its overall assets was invested in Madoff products through
managed accounts. Another $100 million is exposed through clients who chose to invest
in Madoff funds. St. Galler Kantonalbank said its financial situation and liquidity aren’t
hurt by Hyposwiss’ exposure.
Banque Benedict Hentsch & Cie. SA
A Swiss-based private bank
Banque Benedict Hentsch said its clients have 56 million Swiss francs at risk. Benedict
Hentsch had also recently agreed to merge with Fairfield Greenwich Group, a major Madoff
distributor. When the news of Mr. Madoffâ€™s arrest broke, it scrambled to undo that
town pension fund
The town’s employees board and police and fire board, which cover 971 workers, had
$41.9 million invested with Madoff, said Paul Hiller, Fairfield’s chief fiscal officer.
An asset manager
The exposure is about 9.5% of assets.
Jewish Community Foundation of Los Angeles
The largest manager of charitable gift assets for Los Angeles Jewish philanthropists
The amount invested with Madoff represented less than 5% of the Foundation’s assets.
Harel Insurance Investments & Financial Services Ltd.
Israel-based insurance firm
Baloise Holding AG
The company says its exposure, which is less than 10 million euros, is “negligible. ”
Exposure is around 10 million euros.
Credit Agricole SA
Exposure is less than 10 million euros.
A Boca Raton resident and former securities analyst, says he had about 95% of his net
worth invested with Mr. Madoff. Mr. Spring said he was also one of the unofficial agents
who connected Mr. Madoff with dozens of investors, from a teacher who put in $50,000 to
entrepreneurs and executives who would put in millions.
The company says it had indirect exposure of up to 8 million euros; maximum lost on
funds distributed to institutional, private clients is about 60 million euros.
Korea Teachers Pension
A 10 trillion won Korean pension fund
Swiss Life Holding
Swiss Life said it has indirectly invested assets worth around 90 million Swiss francs
through funds of funds managed by Madoff Investment Securities.
North Shore-Long Island Jewish Health System
Exposure represents less than 1% of the health system’s investment portfolio.
Neue Privat Bank
The bank invested in a certificate based on a hedge fund with exposure to Madoff
Clal Insurance Enterprise Holdings
An Israel-based financial services company
Mr. Roth, a New Jersey resident, says his family has about $1 million invested through Mr.
via its subsidiary Compagnie Monegasque de Banque.
Limited to $671,000 via its Compagnie Monegasque de Banque. via its subsidiary
Compagnie Monegasque de Banque.
owner of New York Mets
The Spielberg charity — the Wunderkinder Foundation
A New York foundation focused on electoral and criminal justice reform
The foundation, which stands for Justice, Equality, Human dignity and Tolerance, will close
its doors at the end of January 2009. Donors Jeanne Levy-Church and Kenneth Levy-
Church had all their funds managed through Madoff.
Mortimer B. Zuckerman Charitable Remainder Trust
The charitable trust of real-estate magnate, who owns the Daily News and U.S. News &
Funds exposed represented 11% of the value of that charitable trust.
Robert I. Lappin Charitable Foundation
A Massachusetts- based Jewish charity
The group, which financed trips for Jewish youth to Israel, was forced to close on Friday
because the money that supported its programs was invested with Madoff.
Chais Family Foundation
A charity that gives away about $12.5 million annually to Jewish causes
The California-based charity group invested entirely with Madoff, and was forced to shut
down operations on Sunday after years of donating some $12.5 million annually to Jewish
causes in Israel and Eastern Europe.
KBC Group NV
Belgian banking and insurance group
No direct exposure; some indirect exposure through collateralized loans, but the exposure
is very limited and immaterial to KBC’s earnings. KBC has also made some loan advances to
institutional customers who have invested in funds managed by Madoff Investment
Securities, but this shouldn’t have any material impact either, the company said.
The company says it has “no material direct exposure.” It is reviewing if any client funds
The bank says it has “minimal” exposure” and is “fully collateralized”
No direct investments in funds managed by Madoff,; private banking clients have total
exposure of EUR78 million to funds primarily invested in Madoff funds. Indirectly, Dexia is
exposed through partially collateralized lending operations to funds exposed to Madoff
funds for a gross amount of EUR164 million. If the assets managed by Madoff Investment
Securities were nil, the above mentioned lending operations could trigger an after tax loss
of about EUR85 million for Dexia.
Allianz Global Investors
The asset management unit of German insurer Allianz SE
The unit says exposure “is not significant. ”
Banco Espanol de Credito SA (Banesto)
A Spanish bank contolled by Banco Santander
Its clients have a total 2 million euros exposure
No direct exposure. Indirect exposure of 3 million euros via a fund of funds
The bank says is has “no material exposure.”
A New York-based private university
The Elie Wiesel Foundation for Humanity
The charitable foundation of Nobel laureate
The co-founder of retailer Bed Bath & Beyond
Sen. Frank Lautenberg
The charitable foundation of the New Jersey Senator’s family
former owner of Philadelphia Eagles
The chief executive of DreamWorks Animation SKG Inc.
Mr. Katzenberg’s financial affairs along with those of Mr. Spielberg were managed by Mr.
Breslauer, Mr. Katzenberg has suffered millions in Madoff-connected losses, say people
familiar with the matter.
The Hollywood financial advisor to Steven Spielberg and Jeffrey Katzenberg
Along Messrs Katzenberg and Spielberg, Mr. Breslauer himself has likely sustained heavy
losses in the Madoff affair. He customarily invests alongside his clients, say these people,
and has sometimes been a larger investor than the people he represented
Kingate’s $2.8 billion hedge fund Kiingate Global Fund reportedly invested heavily with
Julian J. Levitt Foundation
Mr. Velvel is dean of the Massachusetts School of Law
Fix Asset Management.
reportedly invested heavily in Madoff’s portfolios
Genevalor, Benbassat & Cie.
money manager in Geneva
Members of the Benbassat family, which run the firm, have long known Mr. Madoff. In a
statement on its Web site, Genevalor said it “has been reviewing the potential damages
caused to its clients” by the alleged Madoff fraud. A statement from the Thema fund said it
had assets with Madoff that were now frozen, but did not elaborate.
the companies and charities