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IOC has $4.8m tied to Madoff scam
December 21, 2008
Olympics
The International Olympic Committee could lose nearly $5 million in investments tied to the Wall Street financier accused in a $50 billion financial scam. IOC finance commission chairman Richard Carrion said the Olympic body has about $4.8 million at risk in the alleged Ponzi scheme by Bernard Madoff. "That could be the maximum loss," Carrion said in a telephone interview from Puerto Rico, adding that the IOC's money wasn't directly in Madoff funds. "They're in funds invested in Madoff funds." IOC spokeswoman Emmanuelle Moreau said the Madoff affair would have "limited impact" on the IOC's overall finances. Carrion said the IOC has policies in place to limit major concentrations of money, but the Madoff scam caught the organization off guard.
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