Evergreen agreed to pay $40 million to investors who lost money in the fund as part of its settlement with the Securities and Exchange Commission and to hire an independent compliance consultant, who will review its procedures. It is also paying a $1 million fine to Massachusetts securities officials.
(NECN: Scot Yount, Newton, Mass.) – The man who exposed the largest Ponzi scheme in history is making a rare appearance tonight.
In the financial world he is a kind of geeky hero. Yet Harry Markopolos shuns the worldwide fame he has garnered by blowing the whistle on Bernie Madoff and the largest Ponzi scheme in the world.
Markopolos spoke at the Center For Asset Management’s annual conference at Boston College.
Markopolos and his team began their inquiry into Madoff in 1999. Markopolos was asked to try to reverse engineer Madoff’s investments, so that their Boston based firm could duplicate his results.
Markopolos-loves numbers, and it was enormously simple he says to use formulas to figure out that Madoff’s investment scheme was fraudulent. But what Markopolos found difficult–was convincing the Securities and Exchange Commission to investigate.
For nine years he kept up the quixotic fight-but the SEC wouldn’t take up the case. Now with Madoff having pleaded guilty-and thousands of investors bilked out of billions, the shy man who makes Whitman, Massachusetts his home says he still can’t sleep nights, even though he proved he wasn’t jousting at windmills.
He had done his best-even fearing for his life in the process, but it was not until the worst recession the county has seen in decades took hold–that Madoff was exposed.
The global recession has actually enhanced Boston’s reputation as one of the top financial centers in the world.
A new report ranks the Hub within the top 10 financial centers in the world, moving from 11th place to ninth place, as many other financial hotspots tumbled along with the global economy.
The “Global Financial Centres Index,” prepared for the City of London Corp., indicates that major investment players across the globe appreciate Boston’s steady environment for financial firms and experts at a time of deep market turmoil.
A Hummer is on display at the Herb Chambers GM dealership in Danvers, Mass. Chinese automakers are interested in buying up iconic brands such as Hummer in order to gain technological expertise in the automotive market.
America’s auto titans are dismantling their global empires. But across the Pacific, it’s as if the global economic forces that have pummeled Detroit never struck. Chinese auto sales are up, and this year China is projected to displace Japan as the world’s largest car producer.
While many auto dealers are struggling in this economy — more than 70 have gone out business in Massachusetts in the last two years — Chambers is expanding. He owns 44 franchises, including 32 dealerships in Massachusetts and Rhode Island. He’s building or renovating several more and, in the last year or so, Chambers has gone from the 14th top dealer in the nation to the 12th.
The show will be held in Boston at the Boston Convention & Exhibition Center. Dozens of educational sessions alongside over 300 exhibits cover business to business solutions in extensive categories for our attendees. The largest business networking party in state history will close the show and keep traffic on the show floor all day!
New England Business Xpo 2009 May 19th – Boston Globe Media – Boston Globe Business Breakfast
Several Hub business leaders have been approached about buying the Boston Globe, but so far there have been no takers, the Herald has learned.
Car magnate Herb Chambers – the subject of a big interview in the Globe over the weekend – said he was asked a week or two ago if he wanted to buy the money-losing broadsheet, but he declined.
The big automakers are supposed to be in the business of telling us what we’ll all be driving for the next 50 years, but they’ve had their (greatly diminished) thunder stolen over the past few weeks by radically new visions of how we’ll be getting from A to B. A few weeks ago, Silicon Valley-based start-up Tesla Motors finally yanked the cover off its much-anticipated Model S, an all-electric sedan that will, after tax credits, sell for just under $50,000. Earlier, India’s Tata Motors, part of one of the largest manufacturing entities in the world, officially launched its Nano “People’s Car,” which will go for $2,000, making it the planet’s cheapest ride.