Bernard Madoff had confessed to employees that his investment advisory business was ??a giant Ponzi scheme? that cost clients $50 billion before two FBI agents showed up yesterday morning at his Manhattan apartment.
GMAC said it could drop its attempt to become a bank holding company after failing to raise the capital needed, casting doubt on its ability to survive the financial crisis.
Tozai Investment Advisory Ltd., a Tokyo-based hedge fund adviser, is closing its business after investment losses and redemptions cut its funds?? assets to zero from a peak of $70m.
Citadel Investment Group LLC will close down its Tokyo office and Asian principal investment operations, cutting more than half of the jobs in the region.