Real estate industry shaken by Madoff scandal
Developers, wealthy families and large and small commercial brokers were all affected by a Ponzi scheme authorities say was run by financier Bernard Madoff. Observers noted Madoff managed his funds by providing few details to his clients. Some developers had pledged their investments with Madoff as collateral, and the charges raise questions about whether banks will continue to loan funds to them.
New York Times (free registration), The | 12/18
This story published in AGC SmartBrief on 12/19/2008
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