L'AFFAIRE MADOFFL'AFFAIRE MADOFFWho else was in on Bernard Madoff's alleged massive Ponzi scheme A fraudulent investment plan in which the investments of later investors are used to pay earlier investors, giving the appearance that the investments of the initial participants dramatically increase in value in a short amount of time. ? How did the SEC miss it? And where did all that money go? These are just a few of the questions afloat in the wake of what may be the largest swindle swindle v. to cheat through trick, device, false statements or other fraudulent methods with the intent to acquire money or property from another to which the swindler is not entitled. Swindling is a crime as one form of theft. (See: fraud, theft) in Wall Street history. But answers may be a long time in coming. On Dec. 16 the head of the Securities Investor Protection Corp. said Madoff's financial records were "utterly unreliable" and would take six months to sort out. The same day, SEC Chairman Christopher Cox admitted the agency's "apparent multiple failures over at least a decade." Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. will likely drag on for years, and the hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" industry will never be the same. See PAGE 026 "The Humbling of Hedge Funds" 
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