Madoff Investor Found Dead

cityfile · 10/26/09 07:30AM

Jeffry Picower, the billionaire investor and philanthropist accused of collecting $7 billion in profits from Bernie Madoff's Ponzi scheme, was found dead in his Palm Beach swimming pool on Sunday afternoon. An investigation into his death is underway. Update: The medical examiner who performed an autopsy now says the drowning was the result of a massive heart attack.

Wall Street: Wednesday Edition

cityfile · 06/24/09 08:03AM

• There's a shortage of banking industry CEOs—decent ones, at least—which explains why Vikram Pandit is still in charge at Citigroup and Ken Lewis is still running the show at Bank of America. "The best players won't risk their careers going to a troubled enterprise," explains one recruiting expert. [WSJ]
Andrew Cuomo has been investigating pension fund corruption for the past few months. Now his own ties to just such an entity are raising questions. [BN]
• Wanna invest in a hedge fund? You're in luck. A number of them are looking to diversify their investor bases and are now targeting the middle class. [NYP]
• Stocks rose this morning ahead of a report by the Fed this afternoon. [CNN]
• Good news for JPMorgan Chase: It's "the world's strongest bank." [DB]
• Good news for Barclays: Its name will grace a Brooklyn subway station. [NYT]
• Jeffry Picower was once considered one of Bernie Madoff's victims. Not so much any longer, now that it appears he withdrew as much as $5 billion from his various Madoff accounts between 1995 and 2008. [ProPublica]

Wall Street: Monday Morning

cityfile · 05/18/09 05:57AM

• The market is kicking off the week on a positive note. [CNN, WSJ]
• The investigation into Bernie Madoff's scheme is now focused on some of his biggest investors: Jeffry Picower, Stanley Chais, and Carl Shapiro. [WSJ]
• Bradley Ruderman, the founder of LA-based Ruderman Capital Partners, has been arrested and is charged with bilking investors out of $44 million. [DB]
Steve Rattner is making waves again, although it has nothing to do with the unfolding pension fund scandal. It's his construction of a $15 million summer home on Martha's Vineyard that is now angering neighbors. [P6]