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Bernard Madoff, the convicted Ponzi schemer whose long-term, multi-billion-dollar financial manipulations ruined clients and rattled financial markets, has died. The Federal Bureau of Prisons confirmed the death of Madoff, 82, at Federal Medical Center in Butner, N.C. The bureau told Deadline in a statement that it resulted from natural causes and not Covid-19. About a year ago, Madoff’s attorney had requested his release, citing chronic kidney failure and saying he had just 18 months to live as of that time. Madoff pleaded guilty in 2009 and was sentenced in 2011 to the maximum jail term of 150 years. Eventually, authorities managed to return $12 billion to investors, but that was just a fraction of the nearly $65 billion entrusted to Madoff. (Not counting fake profits, the actual losses from the fraud have been estimated at $17 billion to $20 billion.) Related Story Showbiz & Media Figures We've Lost In 2021 - Photo Gallery Adopting the classic Ponzi … [Read more...] about Bernie Madoff Dies: Convicted Ponzi Schemer Was 82

SINGAPORE (REUTERS, NYTIMES, BLOOMBERG) - Special purpose acquisition companies (Spacs) are emerging as a popular initial public offering alternative for firms, providing start-ups with a path to going public with less regulatory scrutiny. A measure of the popularity of Spacs, also known as "blank cheque" companies, can be gauged from the fact that global blank-cheque deal volumes - or mergers through Spacs - surged to a record US$170 billion (S$227.3 billion) by March 9 this year, already outstripping last year's total of US$157 billion, Refinitiv data showed. Here's what you need to know about Spacs: 1. What is a Spac? Like "leveraged buyout" and "collateralised debt obligation", Spac is an arcane Wall Street term that has stumbled into the mainstream lexicon. A Spac is a shell company that raises funds to acquire a private company with the purpose of taking it public, allowing such targets to sidestep a traditional initial public offering (IPO). They have gained in … [Read more...] about Grab to list in US via $53b Spac deal: What you need to know about Spacs

Though intended as praise, the phrase “fun for the whole family” might be the single most off-putting way to describe just about anything. What it implies, for starters, is that the family unit—not the individual—is the fundamental consumer of experiences. How un-American. On top of that, it’s a lie. “Fun for the whole family” does not mean the alleged fun will be equally had by all. It means the kids will lose their little minds, while the adults, if they try hard enough, might eke out some fraction of forced enjoyment too. For proof, look no further than the medium to which this Chuck E. Cheese sentiment is most routinely applied: animated entertainment. As usual, the Academy of Motion Picture Arts and Sciences has nominated five films in the category of Best Animated Feature this year. Just as usual, all five have been called some version of “fun for the whole family” by critics and/or mommy-bloggers (same thing, nowadays)—as if that’s the best that animated cinema, more than … [Read more...] about 5 New Family-Friendly Movies and 1 Actually Good One

Record highs were registered by global stock markets and Wall Street futures on Wednesday. What’s going on in the markets? The S&P 500 shot up to a record high on Tuesday, NASDAQ100 keeps flirting with the bulls, and Gold trades steady above $1747. Next, check out the latest. It’s hot! https://t.co/7nSop5uTSp #indices #cfds #cfdtrading #indexcfds #nasdaq #gold pic.twitter.com/YrGtzhH4kA — Trade360 (@Trade360_LTD) April 14, 2021 ​The Dow Jones Industrial Average, which includes Johnson &Johnson, fell 0.2 percent on Tuesday. Johnson & Johnson fell 1.3 percent on news that US regulators had suspended administering its single-dose COVID-19 vaccine pending a probe into its possible links to potentially dangerous blood clots. Futures for the Dow Jones Industrial Average were unchanged. The Nasdaq gained 1.1 percent. Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: … [Read more...] about Markets ‘Looking on The Bright Side’ as World Stocks Post Record Highs Amid Tamed Bond Yields

(CBS News) Bernie Madoff is now about three years into his 150-year prison sentence, and despite pleading guilty to a $65 billion Ponzi scheme, he's apparently trying to clear his name. In newly-published e-mails, obtained by a Madoff biographer, Madoff tries to justify his actions. "60 Minutes Overtime": Ruth Madoff: Why she's telling her story Watch: "60 Minutes" Ruth and Andrew Madoff, part 1. Watch: "60 Minutes" Ruth and Andrew Madoff, part 2. The latest in the Madoff saga is the Mets settling with Irving Picard, the trustee charged with recovering money for victims of Madoff's massive Ponzi scheme. Madoff biographer Diana Henriques, Forbes magazine contributor and author of "The Wizard of Lies," told CBS News Madoff was "desperately disappointed" the Mets case didn't go to trial. She said, "He wrote me last weekend that he was so looking forward to that trial. ... He was hoping that the Mets defense would make the case he was making to me that they had no reason … [Read more...] about Bernard Madoff opens up from inside prison