Bernard Madoff Gets 150 Years in Jail

Bernard Madoff was sentenced to 150 years in federal prison for masterminding the largest Ponzi scheme in history, a penalty six times longer than those meted out to the chief executives of WorldCom Inc. and Enron Corp.

Hedge Fund Fun

For those who are big Entourage fans, writer Doug Ellin, along with Brian Koppelman and David Levien to write a new show based around the life of a forty-something hedge fund manager. As the New York Times noted, Hedge Funds have become a true cultural phenomenon with the media obsessively following the notoriously tight-lipped and haute classe investment vehicles.

Government Motors-Powered by subsidies

Government Motors new CEO Barack Obama says the taxpayer will back the warranties of the failing automaker, well isn’t that just dandy? So not only is the government in the banking business and the mortgage business and the insurance business and the automakers business it’s also in the business of auto warranties too and we get to pay for it all, great huh?

GM Bankruptcy

General Motors Corp. won court approval on its first day in bankruptcy to sell assets as soon as next month after collapsing under $172.8 billion in debt and failing to adapt to consumer demands for smaller cars.

The automaker, the largest manufacturer to seek protection from creditors, also won permission yesterday from Judge Robert Gerber in Manhattan to draw $15 billion from a $33.3 billion bankruptcy loan.

Detroit-based GM plans to form a new company in 60 to 90 days, built around its Cadillac, Chevrolet, Buick and GMC brands in the U.S. The lead bidder for the assets is the U.S. Treasury, which will provide the 100-year-old company with billions in loans that would be converted into a 60 percent equity stake. GM today said it has an agreement with a buyer for its Hummer sport-utility vehicle unit.