Text size [+][-] Saturday November 21 2009GLOBAL EDITION
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By Richard Beales
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US prosecutors on January 5 asked a court to revoke Bernard Madoff's bail after he allegedly mailed jewellery and other items worth $1m or more to family members after the court had frozen his assets. The items included a $200 pair of mittens. Known investments in Madoff's alleged Ponzi scheme now total around $36bn, according to a Bloomberg tally that may involve some double counting. Madoff is alleged to have confessed to a $50bn figure. Fairfield Greenwich Group, a fund of funds operation, had $7.5bn of its $14.1bn of assets (as of November 1, 2008) invested in vehicles linked to Madoff. Fairfield Greenwich has expressed "shock and dismay" at its losses.
richard.beales@breakingviews.com