March 9, 2010
At a 5000% mark-up, colour may be too expensive for most of us and we will be back to viewing the world in black and white, low resolution and high noise interference.
In Canada, radio airwaves or spectrum, a public resource, is managed by Industry Canada. The Canadian federal government with a $54 billion deficit hopes to gain c. $ 1 billion dollars through its spectrum 10-year licenses auction to cash in on cellphone industry’s astronomical profits (ex. 2006 total revenue $12.7 billion, 2008 total revenues c. 15.9 billion) Was the 2009 spectrum auction a bargain basement for telecommunications giants?
Rogers Communications Inc., Bell Canada Inc. and Telus Corp, Canada’s largest cellphone providers have held spectrum licences for cellphone services in Canada. In 2006 alone Canada’s cellphone industry total revenue was $12.7 billion, 95% of this going to these three companies who- lacking competition- charged higher rates and provided poorer services than services in peer countries. In 2008 the total revenue for Canadian cellphone companies was $15.9 billion and in 2010 cellphone providers Rogers Communications Inc., Bell Canada Inc., Telus Corp, Fido and Virgin charged up to a 5000% mark-up even calculations included technology and overhead costs. Prices were so high and customer service so bad that Marketplace held a “Canada’s Worst Cellphone Bill” contest (Mesley 2010-03-05).
It is no wonder that Rogers Communications Inc. (NYSE: RCI) is listed by Forbes as having Aggressive Growth potential. Should we applaud the growth for Rogers investors or lament the management of the Spectrum commons?
“Spectrum is a catch-all term for the radio airwaves that many wireless gizmos use to communicate information. Radios use spectrum, as do the rabbit-ear antennas on older television sets. The CBC, for example, is broadcast free to many parts of Canada using a part of the electromagnetic spectrum. Cellphones, of course, also use it. Spectrum is divided into different frequencies and measured in units called hertz. The government extracts big revenue from selling spectrum licences to cellphone companies, because those licences are limited while demand is high. Other telecommunications providers would like to offer cellphone services but can’t, because they don’t have a spectrum licence. The auction is expected to earn the government at least $1 billion. A number of smaller regional companies, including Winnipeg-based Manitoba Telecom Services Inc. and Regina-based SaskTel, also have licences and offer cellphone services (Nowak 2008-05-26).
See map of cellphone costs worldwide.
1789 Jeremy Bentham “considered protection from harm, as more basic (and an aim of regulation) than provision of enjoyments: “the care of providing for his enjoyments ought to be left almost entirely to each individual: the principal function of government being to protect him from suffering” (Bentham 1789/1948:301, quoted in Shrader-Frechette 1991:285). An assessor’s prima facie (at first sight) duty is to minimise the chance that an unsafe technology is implemented; in order to minimise public risk. This is a value judgement: is it more important to protect the public from harm (hazards from risky technologies, such as cellular towers), than to provide welfare (benefits from new technologies, such as third generation services and better cellular coverage)? The perception and response type I and type II errors in regulation reveal the rationality of the regulator. The research analyses the national
thresholds pertaining to RF human hazards and spurious emissions (Madjar 2008-08).”
1864 to 1873 James Clerk Maxwell (1831-1894), a Scot theoretical physicist, demonstrated that four relatively simple equations could fully describe electric and magnetic fields and their interaction. He described how charges and currents produce an Electro Magnetic Radio wave (Madjar 2008-08).”
1887, in the research laboratory of a young German physicist, Heinrich Hertz, the first radio transmitter began working briefly over a range of just a few metres (Madjar 2008-08).”
1895-05-07. Alexander Popov (1859-1906) demonstrated his instrument for the detection and recording of electrical oscillations (Madjar 2008-08).”
1895-spring In the spring of the same year, Guglielmo Marconi (1874- 1937) took his wireless experiments outdoors and soon discovered that an intervening hill was no barrier to the reception of electromagnetic waves (Madjar 2008-08).”
1987-1991 New Zealand was the first country to apply the Wireless Act in 1903 (one year before the UK); the first RF Auction in the world occurred there in 1989. Neo-liberal ideologues promoted structural adjustment program which was more drastic than that inaugurated by Margaret Thatcher in Great Britain (Herman and McChesney 1997:178-9). Their 1987-1991 auction of UHF spectrum resulted in the acquisition of RF (Herman and McChesney 1997:180) (Madjar 2008-08:47).”
2002 The economist Vernon L. Smith, the laureate of Nobel Prize 2002, published (Smith 1962) that only under perfect competition, the market price establishes equilibrium between supply and demand- at the level, where the value assigned to a good by a marginal buyer is as high as that of a marginal seller (Madjar 2008-08:47).”
Today there are more than 3 billion cellular telephones worldwide.
2007-11 Even though Canada’s cellphone industry made $12.7 billion in 2006, 95% of the total revenue went to Rogers Communications Inc., Bell Canada Inc. and Telus Corp who charged higher rates and provided poorer services than peer countries because of lack of competition (Nowak 2008-05-26)
2008 In 2008 c. 60 % of Canadians subscribed to a cellphone service, subtantially behind the rest of the industrialized world. Countries such as Denmark and Norway where c. 90% of the population are subscribed and rates are much lower (Nowak 2008-05-26)
Instituting special breaks in the auction was the government’s way of spurring competition (Nowak 2008-05-26)
2008 The total revenue for Canadian cellphone companies was $15.9 billion and in 2010 cellphone providers Rogers Communications Inc., Bell Canada Inc., Telus Corp, Fido and Virgin charged up to a 5000% mark-up even when calculations included technology and overhead costs. Prices were so high and customer service so bad that Marketplace held a “Canada’s Worst Cellphone Bill” contest (Mesley 2010-03-05).
2008-08 Haim Mazar Madjar defended his dissertation entitled “An Analysis of Regulatory Framework for Wireless Communications, Societal Concerns and Risk: the Case of Radio Frequency (RF) Allocation and Licensing” at Middlesex University in which he analysed the role of culture and geography in allocation and licensing of the radio frequency (RF) spectrum in different nations. Using an inter-disciplinary approach for example, he explored contrasting risk-management regulatory frameworks/attitudes in the UK, France, US and Ecuador. He summarized and used 3 alternative sociological theories including Mary Douglas et al.’s Cultural Theory (CT) re: categorising countries in terms of perceptual filters. Bounded Rationality (BR) is used to investigate and explain these apparent irrationalities. Rational Field Theory (RFT) showed how beliefs and values guide administrations in RF regulation. Wireless regulation is now divided into two major camps (the EU and the US), which differ in their risk concerns, approach to topdown mandated standards, allocation of RF spectrum to licence-exempt bands and type approval process.
2010-03-04 The Canadian federal government announced its response to the $54 billion deficit which will take the form of $17.6 billion savings (2010-1015) by streamlining and reducing the operating and administrative costs of government departments.
2010-03-04 The Canadian federal budget has confused opposition politicians and industry observers alike as to whether Canada will open its doors to foreign telecommunications companies. The government promised to increase competition and investment in the telecommunications sector, which will lead to greater innovation and lower prices for consumers by removing foreign ownership restrictions on satellites. However, critic Marc Garneau claimed the budget was an overall disappointment in terms of the digital economy as there is no national digital economy plan and future plans include vague allusions to further studies in terms of fast and affordable broadband internet access for all Canadians. Canada was a leader in the digital economy in 2000. Now we are behind other OCED countries. This federal budget promised more on outdoor recreational infrastructure than on high-speed internet in rural areas (Nowak 2010-03-04).
Webliography and Bibliography
Madjar, Haim Mazar. 2008-08. “An Analysis of Regulatory Framework for Wireless Communications, Societal Concerns and Risk: the Case of Radio Frequency (RF) Allocation and Licensing.” PhD Dissertation. Supervisors: Dr. Peter Hough; David Ball; June Burnham. School of Health and Social Sciences. Middlesex University.
Hazlett, T. W.; Munoz, R. E.; Square, V. “A welfare analysis of spectrum allocation policies.” utfsm.cl
“Economic analysis of spectrum allocation policies focuses on competitive bidding for wireless licenses. Auctions generating high bids, as in Germany and the UK, are identified as “successful,” while those producing lower receipts, as in Switzerland and the … “
McMillan, J. 1995. “Why auction the spectrum?” Telecommunications Policy. Elsevier. stanford.edu [PDF]
“Of the alternative spectrum allocation methods — administrative process, lottery, first come first served, and auction — economic theory, as well as various countries’ experiences, show that auctioning works best. As well as raising revenue, an auction assigns licenses to the firms … “
Noam, E. 1998. “Spectrum Auctions: Yesterday’s Heresy, Today’s Orthodoxy, Tomorrow’s” The Journal of Law and Economics. University of Chicago Press.
Nowak, Peter. 2008-05-26. “Wireless spectrum: Auction of radio airwaves will influence Canada’s prosperity.” CBC News
Nowak, Peter. 2010-03-04. “Budget sows confusion over telecom rules.” CBC News
January 2, 2009
The credit crisis erased $14 trillion (McKeef 2008-12-31) from world stock markets in 2008. Where does $14 trillion in world stock markets go? How can that much capital disappear from the market? The infamous year 2008 will be known in the future as the year that fundamental concepts in the moral mathematics of the market were forever changed. This credit crisis was the worst since the Great Depression of the 1930s but its ramifications may be even deeper.
How can we visualize a billion dollars? How much more difficult is it to imagine a trillion dollars?
The most recent wiki entry (2009-01-01) describes how any attempt to visualize numbers higher than a million is complicated because there are too systems of numeric names and the difference between the two scales grows as numbers get larger. Million is the same in both scales, but the long-scale billion is a thousand times larger than the short-scale billion, the long-scale trillion is a million times larger than the short-scale trillion. The short scale system is used in the US and a long scale system is used in the UK. The short scale system of numeric names means every new term greater than million is 1,000 times the previous term: “billion” means “a thousand millions” (109), “trillion” means “a thousand billions” (1012), and so on. Long scale refers to a system of numeric names in which every new term greater than million is 1,000,000 times the previous term: “billion” means “a million millions” (1012), “trillion” means “a million billions” (1018). (wiki).”
6 zeros = 1 million, a thousand thousands or (106)1, 000, 000
8 zeros = a hundred million (108) 100, 000, 000 this image
9 zeros = 1 billion in the short scale system used in the US = a thousand millions or (109) or 1,000,000,000
12 zeros = 1 trillion in the short scale system used in the US = “a thousand billions (1012) or 1,000,000,000,000
12 zeros = 1 billion in the long scale system used in the UK: 1,000,000,000,000
18 zeros = 1 trillion in the long scale system used in the UK is a million billions (1018) or 1,000,000,000,000,000,00
1,000,000 6 zeros = 1 million, a thousand thousands or (106)1, 000, 000
“World stock markets ended on an uptick for the year on Wednesday, after some bourses registered their worst annual losses in history. Global stocks as measured by the MSCI world index ended up 0.76 percent for the day and posted their first monthly gain in seven months, but lost 43.36 percent for the year. About $14 trillion (9.6 trillion pounds) in market capitalisation was erased from world stock markets in 2008 in the wake of the worst credit crisis since the Great Depression of the 1930s. “It has been a shocking year, hardly anything was spared in the carnage,” said Michael Heffernan, strategist at Austock Group in Australia. U.S. stocks edged up on Wednesday and saw their first monthly gain in five months, but the year has been the worst for Wall Street stocks since the Great Depression (McKeef 2008-12-31).”
December 31, 2008
Deborah Yedlin (2008-12-30) of the Calgary Herald’s Business section succinctly summarized the economic nightmare of 2008 in which the investment banking industry collapsed, Chicago school economics theories were debunked and their heroes dethroned, trusted risk management managers were vilified, and the axis of financial power shifted from the West to the East.
“The consequences of the lack of regulation in the shadowy subprime housing market, and the ability of banks to get loans off their balance sheets and have investment banks repackage them as rated securities, allowed for the spreading risk. It was a practice that was supposed to ensure if something went bad, the damage would be contained because the exposure would be spread out. It was an axiom that was lent an even greater reliability because U. S. Federal Reserve chairman Alan Greens-pan was a believer in it. As many are now painfully aware, the dominos began to fall when two hedge funds at Bear Stearns collapsed in late 2007. This started the clock ticking on the 84-year-old investment bank, which proceeded to lose the confidence of investors and counterparties and was sold post-haste to JP Morgan Chase in March for $10 a share with the “help” of the U. S. Federal Reserve and its investment banking veteran, Hank Paulson (Yedlin 2008-12-30).”
“Nobel Prize-winning economist Paul Krugman, in opining on the multi-billion fraud perpetrated by Bernard Madoff, suggested one of the reasons he was not discovered was because of society’s worship of the wealthy. Too many, he said, have drawn the conclusion that people who have made huge sums of money must be very smart and to question these individuals would be to insult them (Yedlin 2008-12-30).”
Webliography and Bibliography
Yedlin, Deborah. 2008-12-30. “Storybook year ends in economic nightmare.” Calgary Herald.
December 25, 2008
US Circumlocution Offices : Federal Reserve approved General Motors (GMAC) Financial Services’ application to become a bank-holding company which will let them benefit from government bailout dollars. New York University sued Merkin GMAC chairman for feeding money to Madoff and concealing involvement from investors like NYU.
1. Charles Dickens invented the term Circumlocution Offices to describe governmental and bureaucratic indolence and incompetence. By passing work through many hands of the Circumlocution Offices, it is easy to avoid doing anything. Dickens’ character in Little Dorrit, Mr. Merdle, who embarked on a fraudulent scheme is now being compared to Madoff and institutions such as the U.S. Securities and Exchange Commission (SEC), etc are being compared to Circumlocution Offices.
“The U.S. Federal Reserve on Wednesday approved GMAC Financial Services’ application to become a bank-holding company, a status that would give the auto-financing arm of General Motors Corp. access to government bailout dollars and the Fed’s discount window. The move complements a $17.4 billion emergency loan package the government extended to GM and (Wall Street Journal 2008-12-24)…
“Merkin, who is chairman of GMAC LLC, is named in the lawsuit brought by NYU, along with his Gabriel Capital LP fund and Ariel Fund Ltd. GMAC is the finance business owned by General Motors Corp and private equity firm Cerberus Capital Management LP. The Funds ‘feeding’ money to Madoff, including Ariel, made a conscious effort to conceal Madoff’s involvement from their own investors,” the NYU lawsuit said. “This concealment was a requirement dictated by Madoff, which was agreed to by Merkin and other ‘feeder’ funds (McCool Reuters 2008-12-24).”
December 23, 2008
It reads more like fiction than mainstream news.
“But, at about the time of High ‘Change, Pressure began to wane, and appalling whispers to circulate, east, west, north, and south. At first they were faint, and went no further than a doubt whether Mr Merdle’s wealth would be found to be as vast as had been supposed; whether there might not be a temporary difficulty in ‘realising’ it; whether there might not even be a temporary suspension (say a month or so), on the part of the wonderful Bank. As the whispers became louder, which they did from that time every minute, they became more threatening. He had sprung from nothing, by no natural growth or process that any one could account for; he had been, after all, a low, ignorant fellow; he had been a down-looking man, and no one had ever been able to catch his eye; he had been taken up by all sorts of people in quite an unaccountable manner; he had never had any money of his own, his ventures had been utterly reckless, and his expenditure had been most enormous. In steady progression, as the day declined, the talk rose in sound and purpose. He had left a letter at the Baths addressed to his physician, and his physician had got the letter, and the letter would be produced at the Inquest on the morrow, and it would fall like a thunderbolt upon the multitude he had deluded. Numbers of men in every profession and trade would be blighted by his insolvency; old people who had been in easy
circumstances all their lives would have no place of repentance for their trust in him but the workhouse; legions of women and children would have their whole future desolated by the hand of this mighty scoundrel. Every partaker of his magnificent feasts would be seen to have been a sharer in the plunder of innumerable homes; every servile worshipper of riches who had helped to set him on his pedestal, would have done better to worship the Devil point-blank. So, the talk, lashed louder and higher by confirmation on confirmation, and by edition after edition of the evening papers, swelled into such a roar when night came, as might have brought one to believe that a solitary watcher on the gallery above the Dome of St Paul’s would have perceived the night air
to be laden with a heavy muttering of the name of Merdle, coupled with every form of execration (Dickens 1857).
Using Google Maps we can actually follow in space and time, the story of this giant Ponzi scheme. This post is a draft and a work in progress . . .
Items on this Google Map have not been fully edited.
Items in the bibliography have not been properly edited yet . . .
to be continued . . .
I want to watch Midsomer Murders now . . .
Circumlocution Office is Dickens’ (1857) term to ridicule governmental offices that delayed business by passing through the hands of different officials. “That brilliant invention the Circumlocution Office was made up at a time when examinations were introduced for the Civil Service. Dickens felt that bureaucratic indolence and incompetence were responsible for the sufferings of British soldiers in the Crimean war. “This glorious establishment had been early in the field, when the one sublime principle involving the difficult art of governing a country, was first distinctly revealed to statesmen … Whatever was required to be done, the Circumlocution Office was beforehand with all the public departments in the art of perceiving – HOW NOT TO DO IT.” (Meaning, in Dickens’s time, how to avoid doing anything.) ( Byatt 2008-11-1.”
The Circumlocution Office is inhabited by a family of Tite Barnacles and relations.
General Motors (GMAC) The U.S. Federal Reserve on Wednesday approved GMAC Financial Services’ application to become a bank-holding company, a status that would give the auto-financing arm of General Motors Corp. access to government bailout dollars and the Fed’s discount window. The move complements a $17.4 billion emergency loan package the government extended to GM and (Wall Street Journal 2008-12-24)… “Merkin, who is chairman of GMAC LLC, is named in the lawsuit brought by NYU, along with his Gabriel Capital LP fund and Ariel Fund Ltd. GMAC is the finance business owned by General Motors Corp and private equity firm Cerberus Capital Management LP. The Funds ‘feeding’ money to Madoff, including Ariel, made a conscious effort to conceal Madoff’s involvement from their own investors,” the NYU lawsuit said. “This concealment was a requirement dictated by Madoff, which was agreed to by Merkin and other ‘feeder’ funds (McCool Reuters 2008-12-24).”
Electronic Communications Networks (ECNs) trading model
National Market System (NMS) Bernie Madoff presented his arguments at SEC hearings (2004-04-21 SEC) on the redesigning of “the existing national market system (“NMS”) rules to maximize profits and efficiency.
U.S. Securities and Exchange Commission (SEC) Washington, DC.
1823 Charles Dickens’ father, John Dickens, was imprisoned in the infamous debtors’ prison in Borough High Street, the Marshalsea. At twelve-years of age the future novelist was sent sent to work in a boot-blacking factory. John Dickens was the model for both Mr. Dorrit in Little Dorrit and Mr. Micawber in David Copperfield. Charles Dickens is in effect, Little Dorrit. In a prescient move, the BBC broadcast its adaptation of Dickens’ (1857) Little Dorrit, a month before Bernie Madoff’s arrest in his luxury Upper East Manhattan apartment. The similarities between the two stories are uncanny. See Byatt, A. S. 2008-11-15. “Little Dorrit: Within the walls of the Marshalsea.” The Guardian.
1857 In Charles Dickens’ introduction of his 1857 novel Little Dorrit he apologized for any similarity between factual events in Britain and Ireland and the context and character of his fictional banker, Mr. Merdle, who embarked on a fraudulent scheme now being compared to Madoff’s.
“If I might offer any apology for so exaggerated a fiction as the Barnacles and the Circumlocution Office, I would seek it in the common experience of an Englishman, without presuming to mention the unimportant fact of my having done that violence to good manners, in the days of a Russian war, and of a Court of Inquiry at Chelsea. If I might make so bold as to defend that extravagant conception, Mr Merdle, I would hint that it originated after the Railroad-share epoch, in the times of a certain Irish bank, and of one or two other equally laudable enterprises. If I were to plead anything in mitigation of the preposterous fancy that a bad design will sometimes claim to be a good and an expressly religious design, it would be the curious coincidence that it has been brought to its climax in these pages, in the days of the public examination of late Directors of a Royal British Bank. But, I submit myself to suffer judgment to go by default on all these counts, if need be, and to accept the assurance (on good authority) that nothing like them was ever known in this land (Dickens 1857).”
Thanks to these sources for making the Madoff-Merdle link: Paul Krugman, The New York Times Op-Ed columnist, in his 2008-12-19 blog post entitled “Madoff/Merdle“; McCann, Vincent. 2008-12-20. “Separating fact from fiction in financial fraud case.” Scotsman.com News.
1920s Financial frauds of the 1920s. See Galbraith, John Kenneth. 1954. The Great Crash: 1929. Boston: Houghton Mifflin.
1960 Bernie Madoff started his firm Bernard L. Madoff Investment Securities with $5,000. Bernard L. Madoff Investment Securities LLC.
1938 Bernard L. Madoff was born?
1970s The creation of the consolidated system for disseminating market information generated enormous benefits for investors (SEC 2004-02-27).”
1980s The incorporation of The Nasdaq Stock Market, Inc. (“Nasdaq”) securities into the NMS generated enormous benefits for investors (SEC 2004-02-27).”
1990s The adoption of the Order Handling Rules in the 1990s generated enormous benefits for investors (SEC 2004-02-27).”
2004-02-27 SEC published Regulation NMS for public comment. “In addition to redesignating the existing national market system (“NMS”) rules adopted under Section 11A of the Securities Exchange Act of 1934 (“Exchange Act”), Regulation NMS would incorporate four substantive proposals that are designed to enhance and modernize the regulatory structure of the U.S. equity markets (SEC 2004-02-27).”
“The central objective of this review is to determine how the regulations governing the U.S. equity markets should be modernized. Our markets are continually evolving because of such factors as innovative trading technologies, new market entrants, and changing investment patterns. We believe that one of our most important responsibilities is to monitor these changes and to ensure that the U.S. regulatory structure remains up to date. In this way, we can help our markets retain their position as the deepest and most efficient in the world – markets that offer a fair deal to all types of investors, large and small.”
2004 Bernie Madoff presented his arguments at hearings on the redesigning of “the existing national market system (“NMS”) rules adopted under Section 11A of the Securities Exchange Act of 1934 (“Exchange Act”), Regulation NMS would incorporate four substantive proposals that are designed to enhance and modernize the regulatory structure of the U.S. equity markets.
Discussion: “Is access to markets through the members of an SRO and through the customers or subscribers of ECNs or market makers sufficient to assure fair and efficient access to their displayed quotes? Are there barriers to access that must be removed for this indirect access to be feasible?”
Participants: Ivan K. Freeman (Morgan Stanley), John C. Giesea (Security Traders Association), Robert Greifeld (Nasdaq Stock Market), Larry Leibowitz (Schwab Capital Markets), Bernard L. Madoff (Madoff Investment Securities) and Thomas Peterffy (Interactive Brokers Group)
2008-01 Bernard L. Madoff Investment Securities claimed their investment advisory business managed $17.1 billion for 11 to 25 clients and boasted of an “unblemished record of value, fair-dealing and high ethical standards (Zambito and Smith 2008).”
2008-11-15 In a prescient move, the BBC broadcast its adaptation of Dickens’ (1857) Little Dorrit, a month before Madoff’s arrest in his luxury Upper East Manhattan apartment. The similarities between the two stories are uncanny. See Byatt, A. S. 2008-11-15. “Little Dorrit: Within the walls of the Marshalsea.” The Guardian.
2008-12-10 Andrew Madoff and Mark Madoff, Bernie’s sons and his employees claimed to be innocent victims of a fraud that they knew nothing about. They called the Securities and Exchange Commission, which told the FBI (Zambito and Smith 2008).”
2008-12-10 Special FBI Agent Theodore Cacioppi and a colleague questioned Madoff at his $9M East Manhattan luxury apartment on Thursday morning to investigate the possibility of any “innocent explanation.” “There is no innocent explanation,” Madoff replied. Within hours, investors who had trusted the 70-year-old Madoff for years – including the owner of the New York Mets – were reeling at charges that one of the most trusted names on Wall Street was a full-time fraud (Zambito and Smith 2008).”
2008-12-12 “[A]ngry investors crowded a Manhattan federal courtroom hoping to find out if the SEC would come to their rescue. Manhattan Federal Judge Louis Stanton issued an order freezing Madoff’s assets, as well as those of his firm, and named lawyer Lee Richard to oversee the business. The hearing was canceled, leaving investors bewildered (Zambito and Smith 2008).”
2008-12-23 “[H]edge fund executive Thierry Magon de la Villehuchet, 65, was found dead in his office in an apparent suicide, reportedly distraught over being duped by Madoff. New York City Police Commissioner Raymond Kelly said Villehuchet had cuts on his wrists from a box cutter and pills nearby. The Frenchman’s Access International had an exposure of $1.5 billion, officials said (McCool 2008-12-24).”
2008-12-24 Washington: “The U.S. Federal Reserve on Wednesday approved GMAC Financial Services’ application to become a bank-holding company, a status that would give the auto-financing arm of General Motors Corp. access to government bailout dollars and the Fed’s discount window. The move complements a $17.4 billion emergency loan package the government extended to GM and …” Wall Street Journal McCool, Grant. 2008-12-24. “(McCool 2008-12-24) New York University sued fund executive over Madoff
2008-12-24. “Fed Grants GMAC’s Request to Become Bank-Holding Company.” Wall Street Journal.
Webliography and Bibliography
- Byatt, A. S. 2008-11-15. “Little Dorrit: Within the walls of the Marshalsea.” The Guardian.
- McCool, Grant. 2008-12-24. “New York University sues fund executive over Madoff.” Reuters.
- Quinn, James. 2008-12-16. “An American Tragedy.” Financial Sense.
- Zambito, Thomas; Smith, Greg B. 2008-12-13. “Feds say Bernard Madoff’s $50 billion Ponzi scheme was worst ever.” New York Crime. Daily News.
- 2008-12-22. “Jewish leaders bracing for Madoff fallout.” The Boston Globe.
- Unlikely Player Pulled Into Madoff Swirl.”NYTimes.com
- A.G. takes himself out of Madoff probe | Deseret News (Salt Lake City) | Find Articles at BNET
- Fund Fraud Hits Big Names – WSJ.com
- 2008-12-14.Bodyblow to Wall Street at The Brian Sullivan Blog
- Business News – AOL Money Canada
- U.S. Congress to probe SEC role in Madoff affair
- edmontonsun.com – World – $50B fraud plot thickens
- Madoff Mess manoeuvres
- Judge orders Madoff to tally his assets
- Don’t Be Scammed by Madoff Investor Sob Stories – Seeking Alpha
- Madoff investors unlikely to regain money
- Madoff bad omen for fund of hedge funds industry – AOL Money Canada
- Run by investors, for investors – North American Markets end lower, Madoff scandal raises concerns over financials – North American Market Summary
- More banks reveal exposure to Madoff scandal – Yahoo! Canada News
- Bernard Madoff scandal draws publishers
- IOC has nearly $5 million tied to Madoff – AOL Sports Canada
- Some Madoff investors may have to give back gains – Dec. 19, 2008
- Madoff’s auditor Friehling and Horowitz doesn’t audit? – Dec. 17, 2008
- Did Bernard Madoff act alone? – Dec. 18, 2008
- Answers to 6 Madoff questions – Dec. 18, 2008
- A stock exchange caught in the Madoff mess – Dec. 18, 2008
- ‘A Giant Ponzi Scheme’
- reportonbusiness.com: Madoff debacle reveals stunning failure of due diligence
- Midas Letter - Health, Wealth and Prosperity
- Meet the real Ponzi behind the ‘scheme’ - Dec. 15, 2008
- TheStar.com | Business | Banks, funds among clients who lost billions
- Charities hit hard as Madoff fraud losses mount
- Madoff: ‘Bloodbath’ for Twin Cities investors
- Pigeon King owes $23 million | Farm andDairy – The Auction Guide and Rural Marketplace
- globeandmail.com: Farmers should have been warned about pigeon venture: critics
- The Canadian Press: Royal Bank says clients have $50M in exposure to alleged Madoff fraud
- Ponzi schemes strike in U.S., Russia and Colombia | Worldfocus
- Bloomberg.com: Worldwide
- The Madoff Fraud: How Culpable Were the Auditors? – TIME
- Madoff Victims Look for Ways to Recover Their Money – TIME
- Wall Street’s Latest Downfall: Madoff Charged with Fraud – TIME
- How I Got Screwed by Bernie Madoff - TIME
- Bernie Madoff’s man to see – The Boston Globe
- Bull Market
- Top Trader Is Accused of Defrauding Clients - NYTimes.com
- Bernard L. Madoff News – The New York Times
- The New York Times > Books > Sunday Book Review > His Last Name Is Scheme
- A Scheme With No Off Button – NYTimes.com
- Ponzi Schemes – News – The New York Times
- Even Winners May Lose With Madoff.” NYTimes.com
- Madoff Agrees to Security ‘to Prevent Harm or Flight’ -NYTimes.com
- “Talking Business – Avoiding a Financial Collapse, Indian-Style.” – NYTimes.com
- “Madoff Scheme Kept Rippling Outward, Across Borders.” NYTimes.com
- “Madoff Ponzi Scheme Lawsuit: Attorneys for Defrauded Investors.”
- Madoff Scheme Kept Rippling Outward, Across Borders.” NYTimes.com
- “Top Trader Is Accused of Defrauding Clients.” NYTimes.com
- Op-Ed Columnist – The Brightest Are Not Always the Best -NYTimes.com
- Wall Street fallout shakes economy