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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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From: Snowshoe	12/16/2008 4:21:20 AM
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European Clients Were Cultivated Within Social Networks by Word of Mouth - By THOMAS CATAN and CASSELL BRYAN-LOW Bernard L. Madoff built a vast base of European clients through multilayered chains of borrowers and investors that allowed his firm's alleged fraud to remain hidden for years there, people familiar with the matter say. As European banks, funds and individuals are set to lose billions from the collapse of Mr. Madoff's empire, a pattern is emerging among those who got burned. Contacts with wealthy new clients were often made within social networks by word of mouth. In many cases, clients didn't know who exactly had their money -- Madoff's company or funds that handed over investments for the New York money manager to handle. see: online.wsj.com

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