IBankee.com

Among Bernard Madoff’s many dupes were his closest friends, including two tycoons he loved as surrogate fathers: the late Norman F. Levy—whose girlfriend, supermodel Carmen Dell’Orefice, would lose her life savings—and the prominent philanthropist Carl J. Shapiro. Amid the sobs, screams, and curses in Aspen, Palm Beach, and New York, with victims sharing their stories, the author gets behind Madoff’s affable façade, to reveal his most intimate betrayals. Ibankee.com makes you discover a fascinating investigation of Mark Seal published in Vanity Fair.

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By MEREDITH WHITNEY

Few doubt the importance of consumer spending to the U.S. economy and its multiplier effect on the global economy, but what is underappreciated is the role of credit-card availability in that spending. Currently, there is roughly $5 trillion in credit-card lines outstanding in the U.S., and a little more than $800 billion is currently drawn upon. While those numbers look small relative to total mortgage debt of over $10.5 trillion, credit-card debt is revolving and accordingly being paid off and drawn down over and over, creating a critical role in commerce in America.

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The US Securities and Exchange Commission today charged R. Allen Stanford and James M. Davis in an $8 bn investment scheme. The « massive, ongoing fraud » has been executed through the Antigua-based bank Stanford International Bank (SIB) and its affiliated companies Stanford Group Company (SOC) and Stanford Capital Management (SCM). Another Madoff Scheme?

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S&P500 in 2008? - 37%. Google? Flat. Apple? Come on, stop thinking Steve Jobs is Superman. Crude Oil? Ahah, good joke dude. Gold? Symptoms of fear, but nearly there. No, the new, shinning star is in your breakfast…Cocoa, as good as gold?

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Doing a “Madoff” is like unveiling a Royal Flush in poker. In comparison, the French ex-trader Jerôme Kerviel (€5 bn fraud) is now seen as a minor, Parisian Poker amateur.

In this special issue, IBankee.com aims to give you the 5-things-you-should-know about the Madoff scheme before talking to your friends and colleagues.

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Today we interview a young quant working for a French bank. His experience led him to work on option modeling as well as fields closer to trading in equity derivatives and volatility arbitrage. He gives us his tips to work as a trader.

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Learning how to build your career is not an easy path. Although we can’t do it for you, we might be able to help. The Vault Guides are a very popular way to find out all the tricks and learn the history of your most-admired companies, being from the financial or the consulting ground.

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You keep thinking getting a job in finance is almost impossible? Of course not. Ibankee unveils a series of typical questions asked during interviews, to make your life easier. Don’t hesitate to add new questions!

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What a crazy month of July we had…You thought you could chill out a bit, disconnecting your blackberry for the first time since the beginning of the subprime crisis, a cool caipirinha in your hand; your girlfriend even started to think that a banker could suntan.

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