December 12, 2008 Friday
Updated

NEW YORK - BERNARD Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a US$50 billion (S$74.7 billion) 'Ponzi scheme' in what may rank among the biggest fraud cases ever.

The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that US prosecutors said racked up US$50 billion of fraudulent losses.

 
Fresh Athens protests

ATHENS - GREEK police fought street battles on Friday with youths who hurled petrol bombs and stones amid new demonstrations over the police killing of a schoolboy.

After one of the calmest nights since the death of Alexis Grigoropoulos last Saturday sparked nationwide riots, police stormed about 100 youths on the sidelines of a demonstration, seizing a number of them and wrestling them to the ground.

Sellers to aid legal defence

THE nine distributors here of Lehman Minibonds will help fund a warchest to support any legal defence that might be needed during the process of unwinding the failed investments.

The Monetary Authority of Singapore (MAS) said on Friday the financial institutions have agreed to contribute to the receivers' cost of getting expert advice on noteholders' legal rights.

EU agrees on rescue plan

BRUSSELS - EU LEADERS have agreed to an economic stimulus package worth 200 billion euros (S$395.8 billion) to ward off the threat of a 'recessionary spiral,' according to draft conclusions of a summit on Friday.

Under the plan, member countries would pump on average the equivalent of 1.5 per cent of gross domestic product (GDP) into their economies in order to temper the impact of a global recession.

Bono a 'Man of Peace'

PARIS - NOBEL peace laureates gathered in Paris on Friday awarded the Irish rocker-turned-activist Bono an annual 'Man of Peace' prize for his crusade to tackle African debt, poverty and disease.

Paris Mayor Bertrand Delanoe, who hosted the event, handed the U2 frontman the Peace Summit Award in presence of five Nobel winners, in recognition of two decades of global anti-poverty activitism.

   
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