Sunday, 8th November 2009
Mortimer Zuckerman, the US property tycoon, has emerged as another high-profile victim of Bernard Madoff’s stunning scam, according to a report in The Wall Street Journal.
Other affected celebrities include the foundation of Nobel laureate Elie Wiesel, Senator Frank Lautenberg and a charity of movie director Steven Spielberg.
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.
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