章 438: Chapter 438: Largest Investment Scam
Originally, some investment institutions like BNP Paribas and Credit Suisse were negotiating with Bernard Madoff's investment fund to redeem their principal, involving amounts below $1 billion;
However, Fairfield Greenwich Group's hedge fund, the largest client of Madoff's fund, intended to redeem a staggering $7.5 billion investment.
Bernard Madoff, seeing that he couldn't hide it any longer, directly confessed the truth to his two sons: Madoff Investment Securities was a Ponzi scheme.
Madoff's sons, Mark and Andrew Madoff, reported their father overnight, exposing the largest financial fraud in history!
Of course, sharp-eyed people knew that Bernard Madoff had his sons report him to protect them, as they were also high-level executives in Madoff's investment firm.
As Bernard Madoff was investigated, within a couple of days, numerous corporate giants and key investors affected by the scam revealed their losses, and the list of victims kept growing longer.
- Fairfield Greenwich Group: Approximately $7.5 billion,
- Tremont Group Holdings: Approximately $3.3 billion,
- Bank Medici: Approximately $2.1 billion,
- Ascot Partners: Approximately $1.8 billion,
- Kingate Management: Approximately $1.7 billion,
- HSBC: Approximately $1 billion,
- Fortis: Approximately $1 billion,
- Union Bancaire Privée: Approximately $700 million,
- Banco Santander: Approximately $3.1 billion (including its Optimal Investment Services unit),
- BNP Paribas: Approximately $460 million,
and so on.
Besides large corporations, some celebrities also appeared on the list of victims, including New York Mets owner Fred Wilpon, General Motors' financial arm executive J. Ezra Merkin, former NFL Philadelphia Eagles owner Norman Braman, and Hollywood director Steven Spielberg.
Magazines like Forbes, Fortune, and Business Week conducted special reports. TV stations and newspapers flocked to New York to obtain firsthand information about Bernard Madoff.
...
In Charles Capet's office at Capet Pictures headquarters, Evelyn sat on the couch staring at the TV. Charles handed her a glass of champagne. "Hollywood must have a lot of people invested in Madoff's fund too, right?"
Evelyn laughed. "The biggest loser is probably Steven Spielberg, he invested $50 million. The others likely lost a few million each."
"This guy sure was crafty - money laundering, fake accounts, perjury - he conned a lot of people!"
Charles shook his head. "His company's partner was JPMorgan Chase. Notice that no American banks were scammed?
Fairfield Greenwich Group's hedge fund is mostly composed of foreign capital. Don't think other institutions weren't covering for him.
He's just a scapegoat. Anyway, the guy is already 70. He enjoyed a lifetime of luxury. If not for the financial crisis, the scheme would have continued!"
Evelyn took a deep breath. "These Jews really have no conscience, scamming thousands of people. A lot of folks lost everything!"
Charles smiled. "If you're a small fry, pray to God. Even if funds are recovered slowly, the big institutions and celebrity investors will get theirs first."
The Madoff fraud case was certainly pushed by other American financial groups, especially JPMorgan Chase.
"By the way, Charles," Evelyn pondered for a moment before reminding him, "Mama knows you're smart, but the darkness in Washington, D.C. isn't any better than in Hollywood!"
Charles stood up, lit a cigarette, and said slowly, "Wall Street's finance, Hollywood's entertainment, and Washington's politics are the darkest circles.
They collude with each other, balancing cooperation and resistance. Washington's dark money gets laundered through Wall Street into Hollywood.
Hollywood's prosperity relies on this black capital. One side launder money, the other funds various movie projects.
Mom, don't forget, we've risen too quickly. We must learn to embrace this darkness!"
Charles had always been clear-headed. The higher one climbed, the more truths they saw.
To climb higher, conscience and morality are but barriers. Success then brings flowers and applause;
Fail, and it's a mire with countless people stepping over your corpse to get ahead.
Evelyn originally thought she saw things clearly enough but realized her son saw them even more transparently.
"Is Capet Entertainment's IPO on schedule?" Evelyn asked again.
Charles nodded and smiled, "The moment I finalize the acquisition of NBC Universal is when I'll submit the IPO plan!"
Evelyn nodded, "The capital train won't allow anyone to block the way. You can choose to board or get off, but never to stop it."
"Don't worry. What I'm doing now is becoming the engineer of one of those trains. Fortunately, I can choose whom to pick up along the way," Charles never thought of hogging all the benefits for himself, "Heavy-weight passengers will ensure the train runs more smoothly!"
Evelyn walked to her son and kissed him on the cheek, "Charles, you've been mingling with politicians a lot recently. Take a good rest. Mother doesn't want to see your mind filled with conspiracies!"
Charles nodded and smiled. "Don't worry, no matter what, the Capet family has already succeeded. We'll always be part of America's wealthy class in the future.
Twilight is about to be released, and also some award-chasing art films. I'll focus on Capet Entertainment's business!"
After Evelyn left, Charles sat back at his desk, opening the project file on Captain America: The First Avenger.
The male lead, Chris Evans, saw his last year's Fantastic Four: Rise of the Silver Surfer fail, causing 20th Century Fox to halt further sequels.
Casting Chris Evans again as Steve Rogers for Captain America was perfect, with Israeli actress Gal Gadot as the female lead.
Captain America: The First Avenger would be released the summer after next, leading up to the release of The Avengers in November of the same year!
Putting down the file, Charles prepared to leave the company to go on a date with Alexandra Daddario, the girl who had returned to Los Angeles after shooting Piranha 3D in Arizona.
*****
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