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Daily News; White Plains
National
Hedge Funds Brace for More Rules in Wake of Madoff Scandal
WASHINGTON (Reuters) - Investor Bernard Madoff's alleged fraud was so enormous that it left hedge fund industry executives groping for words to describe it. The only thing they are certain of is that his alleged Ponzi scheme - estimated at $50 billion - will prompt fresh calls for regulators to beef up enforcement and possibly adopt new rules for loosely supervised hedge funds.
Madoff Case to Rock Already Shaky Hedge Funds
BOSTON (Reuters) - Bernard Madoff has single-handedly turned an already very bad year for hedge funds into a catastrophe. Now the industry's already steep losses may grow even larger, dozens of funds might collapse and confidence eroded even more after a 70-year-old New York-based investor allegedly cheated investors from Palm Beach, Fla., to New York, to Geneva to Madrid out of as much as $50 billion.