Madoff under house arrest, French aristocrat slits both wrists - Sheriff Obama comin' [Archive] - MensTennisForums.com

Madoff under house arrest, French aristocrat slits both wrists - Sheriff Obama comin'

prima donna
12-25-2008, 03:02 PM
Once again, I'm being forced to take the initiative by posting articles which I presumed, sooner or later, would have been posted by another party. Which means that, similar to my thread preceding this one, the topic of interest is now in the latter stages of development, and thus, has ceased to be of any real importance given the time that it will take for investigative measures to be thoroughly carried out in order to identify the culprits (those internally involved) of what is said to be a $50,000,000,000 Ponzi scheme.

At any rate, will Sheriff Obama's elephantine ego drive him to seek to overregulate Wall Street ? Does this add yet another justification for the incoming administration to impose overregulation which could in fact hinder the process by which investments have generally been known to flourish ?


QOSFJFwONHk
Friends Say Money Manager Was Ashamed Over Madoff
By THE ASSOCIATED PRESS
Published: December 24, 2008
Filed at 6:37 p.m. ET
NEW YORK (AP) -- The fraud may not have been the work of Rene-Thierry Magon de La Villehuchet, but it came on his watch. For a man with a deep sense of rectitude, that was shame enough.
Friends and colleagues tried to console the fund manager, the scion of French aristocracy who despaired after losing more than $1 billion of his wealthy clients' money in the Ponzi scheme (http://topics.nytimes.com/top/reference/timestopics/subjects/f/frauds_and_swindling/ponzi_schemes/index.html?inline=nyt-classifier) allegedly run by Wall Street wizard Bernard Madoff.
''Listen, people make mistakes,'' Leon Cooperman, founder of hedge fund Omega Advisors, said he told de La Villehuchet in a telephone conversation Monday. ''You're not at fault and you have to pick yourself up from this.''
But when a security guard opened the door to de La Villehuchet's office at Access International Advisors the following morning, he found the businessman dead at his desk, both of his wrists slashed. A box cutter and a bottle of sleeping pills lay nearby. Police say it was a suicide.
De La Villehuchet's death marked a grim addition to the toll laid bare since Madoff was arrested Dec. 11, telling FBI agents he had masterminded a $50 billion fraud. And it reinforced the emotional wounds the scandal has inflicted on many of its victims.
De La Villehuchet was shouldering part of the blame, having put so many millions of his investors' fortunes into Madoff's fund only to find out it was a complete fraud. His fund was among the biggest losers in the Madoff fraud, and one of a handful to get taken for more than $1 billion.
Cooperman strongly disputed some reports that de La Villehuchet might have had any deeper involvement with Madoff.
But the responsibility weighed heavily on de La Villehuchet, a descendant of one of France's most distinguished families who had a deeply ingrained sense of personal decorum, associates said. It is not yet known who his clients were.
''This guy is aristocracy, one of his ancestors was the admiral for Napoleon (http://topics.nytimes.com/top/reference/timestopics/people/n/napoleon_i/index.html?inline=nyt-per) in the Napoleonic wars,'' said Cooperman, who traveled extensively with de La Villehuchet to meet with potential investors. ''I think this thing brought great disgrace and embarrassment, and he didn't have the capacity to deal with it. In the end, he was sensitive to the disgrace and being involved with this thief.''
Access International is believed to have lost $1.4 billion with Madoff, whom it entrusted to manage investments in one of its funds. The Luxalpha SICAV-American Selection fund, registered in Luxembourg, was marketed primarily to wealthy European investors.
Access was co-founded by de La Villehuchet in 1994. The company described itself in 2002 as working to ''identify the best managers that have a unique and proprietary 'competitive edge,' with a consistent and verifiable track record.''
''We endeavor to introduce these managers to investors at the most attractive stage of their development,'' it said.
But the Luxalpha fund, which was founded in March 2004, was a relatively recent addition to Access' portfolio. That fund was administered until earlier this year by Swiss-based UBS. A UBS spokesman, Kris Kagel, said Wednesday he did not know specifically when custody of the fund was transferred.
Kagel said at the time the fund was under the UBS umbrella, it was not on its list of approved, recommended funds. But the company made it available to clients who sought to invest with Madoff, he said.
De La Villehuchet's firm enlisted intermediaries with links to upper-crust Europeans to attract investors. Among the intermediaries: Philippe Junot, a French businessman and friend who is the former husband of Princess Caroline of Monaco, and Prince Michel of Yugoslavia.
Cooperman described de la Villehuchet as the kind of businessman who was in constant contact with clients, even on vacations.
De La Villehuchet, the former chairman and CEO of Credit Lyonnais Securities USA, was also known as a keen sailor who regularly participated in regattas and was a member of the New York Yacht Club. He and his wife, also French, lived in the New York suburb of New Rochelle.
But the fund manager also periodically found refuge at his family's 17th-century stone castle in Brittany, sometimes inviting friends and fellow sailing enthusiasts to join him. The castle and adjoining stables in Plouer-sur-Rance along the English Channel had been in his family for two centuries.
In June, his boat ''Claudina'' won its class in a regatta from the walled city of St. Malo to Plouer-sur-Rance. He had invited several New York friends to take part, said Plouer-sur-Rance city hall official Serge Simon.
''He did it in a very discreet way, but at the same time it showed his appreciation for sailing on the one hand, and on the other, his appreciation for the town he wanted to bring visitors to,'' Simon said.
Claude Renoult, head of the St. Malo Bay nautical club, said de La Villehuchet hailed from a sprawling family of ship owners, and was known as a ''very simple man, with a lot of class'' who ''sailed like a gentleman.''
------
Associated Press Writers Joe Bel Bruno and Adam Goldman in New York, and Jamey Keaten in Paris contributed to this story.

Bilbo
12-25-2008, 03:12 PM
thanks for coming, prima donna.

alfonsojose
12-25-2008, 03:14 PM
American greed, and the rest of the world jumps behind :shrug:

cobalt60
12-25-2008, 04:30 PM
American greed, and the rest of the world jumps behind :shrug:

Human greed more like it.

Henry Chinaski
12-25-2008, 04:57 PM
too long; didn't read

alfonsojose
12-25-2008, 05:59 PM
Human greed more like it.
:shrug: I guess, but u guys are the big brother right now :p

cobalt60
12-25-2008, 06:03 PM
:shrug: I guess, but u guys are the big brother right now :p

Human nature is the same everywhere as far as I am concerned. Does not matter what language one speaks nor one's belief system (or lack thereof) :p. But everyone just enjoys having a scapegoat.

prima donna
12-25-2008, 06:07 PM
Interestingly, the Jewish community seems to be suffering most of the backlash as a result of this scheme.

cobalt60
12-25-2008, 06:15 PM
Interestingly, the Jewish community seems to be suffering most of the backlash as a result of this scheme.

I read about that. My guess is the actual % of Jewish investors is stll low considering we don't make up a high % of the population. And contrary to popular belief, if you look at the world's Jewish population they do not make up that much of the world's wealth. Again always one type of scapegoat.

buddyholly
12-25-2008, 06:19 PM
That is probably because he only ''accepted'' Jewish investors.

I read a little bit somewhere about how people in Palm Beach were falling over themselves to invest with him - and he made them even more desperate to get in by rejecting lots of them, thus making it socially desirable to be a client. I guess those that were rejected are laughing all the way to the bank now.

buddyholly
12-25-2008, 06:20 PM
''Merry Christmas Sue'', said the atheist to the Jew.

We seem to have different conclusions on who invested. Sorry to see that the Eli Wiesel Foundation got wiped out.

prima donna
12-25-2008, 06:25 PM
I read about that. My guess is the actual % of Jewish investors is stll low considering we don't make up a high % of the population. And contrary to popular belief, if you look at the world's Jewish population they do not make up that much of the world's wealth. Again always one type of scapegoat.
Well, should we really have expected any less ?

Let's face it: Jews have been scapegoated for centuries -- even prior to having amassed any substantial level of wealth. However, one must admit that, it reflects rather poorly on the Jewish community as a whole (despite numerous Jewish charities having been victimized by Madoff's crime spree as well).

prima donna
12-25-2008, 06:29 PM
That is probably because he only ''accepted'' Jewish investors.

I read a little bit somewhere about how people in Palm Beach were falling over themselves to invest with him - and he made them even more desperate to get in by rejecting lots of them, thus making it socially desirable to be a client. I guess those that were rejected are laughing all the way to the bank now.
Apparently it's now become a display of status to boast of having lost money to Madoff.

cobalt60
12-25-2008, 06:40 PM
''Merry Christmas Sue'', said the atheist to the Jew.

We seem to have different conclusions on who invested. Sorry to see that the Eli Wiesel Foundation got wiped out.

Thanks. I will think of you when I am eating my Chinese dinner this evening. Talk about a stereotype:p I read the Wall Street Journal article about all this. I never come to definite conclusions about what little I know. ;) Rather sad about some of the investors.

cobalt60
12-25-2008, 06:41 PM
Apparently it's now become a display of status to boast of having lost money to Madoff.

That is nauseating to me.

buddyholly
12-25-2008, 06:45 PM
Thanks. I will think of you when I am eating my Chinese dinner this evening.

Tut tut.

I am just leaving for the ''Full Monty'' English Xmas Day turkey, pudding, mince pies, trifle dinner. I also like black gospel music. Can't let the Christians have all the best bits to themselves.

Stensland
12-25-2008, 08:00 PM
Once again, I'm being forced to take the initiative by posting articles which I presumed, sooner or later, would have been posted by another party.

done ages ago, check out the stock market thread and stop the partisan hackery.

anyways, i actually like the scenario. idiots got fooled by an idiot, i find it pretty amusing. whoever is out there and thinks it's absolutely normal to make about 10% each year over 30 years must get burnt at some point. lots of the guys who invested in madoff were fully aware of his sleaziness and knew he was a crook - but as long as they were profitting from his illegal methods they didn't care. good to know they're losing loads of money now.

prima donna
12-25-2008, 08:10 PM
done ages ago, check out the stock market thread and stop the partisan hackery.
Are you always so angry with the world ?

Sofonda Cox
12-25-2008, 10:17 PM
i may slit my wrists.....

alfonsojose
12-26-2008, 12:07 AM
Are you always so angry with the world ?

you say .. :lol: You just pose as the Conservative MTF savior everytime you can.

prima donna
12-26-2008, 05:55 AM
you say .. :lol: You just pose as the Conservative MTF savior everytime you can.
I'm actually not a conservative, but of course there's no need to lose ourselves in mundane details, after all, what sense would that make ?

Stensland
12-26-2008, 08:26 AM
Are you always so angry with the world ?

i love the world but i'm far from loving you, honey.

buddyholly
12-26-2008, 01:26 PM
i love the world but i'm far from loving you, honey.

Why is that so typical of the left these days? Anyone or anything not in tune with the party line must not be tolerated.

Even at Christmas!!!!!!!!