Economist may be latest hurt in Madoff scheme
Wed Dec 31, 2008 6:05am GMT
(Reuters) - A prominent Wall Street economist... the latest people to have lost money on investments connected to accused swindler Bernard Madoff, according to media reports.
Economist Henry Kaufman lost several million dollars, which he had in a brokerage account with Bernard L. Madoff Investment Securities for more than five years, the Wall Street Journal said, citing Kaufman in an interview on Tuesday.
The president of financial consulting firm Henry Kaufman & Co said his Madoff loss was no more than a couple of percent of his entire net worth and immaterial to his financial well-being, the paper said.
Kaufman became known for correctly forecasting higher inflation and interest rates when he was chief economist with Salomon Brothers in the 1970s and 1980s, when he acquired the moniker "Doctor Doom."
"A new, invisible and at times virtual, tyranny is established, one which unilaterally and irremediably imposes its own laws and rules. Moreover, indebtedness and credit distance countries from their real economy and citizens from their real buying power. Added to this, as if it were needed, is widespread corruption and selfish fiscal evasion which have taken on worldwide dimensions. The will to power and of possession has become limitless." Francis I, 16 May 2013