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Larry King loses $1m in Madoff swindle
Ed Harris23 Jan 2009
US talk show host Larry King has emerged as the latest victim of Bernie Madoff, the Wall Street financier alleged to have carried out a multi-billion-dollar fraud.
King is said to have lost more than $1 million after investing with the disgraced banker. Howard Rubenstein, a spokesman for the 75-year-old CNN presenter, declined to comment.
King, who declared bankruptcy in 1978, earns a reported $7 million a year for his show Larry King Live, according to the New York Post.
Madoff has been charged with fraud, using money from new investors to pay earlier ones. The alleged $50 billion swindle would be the largest in US history.
Madoff, 70, was arrested on 11 December and remains under house arrest in Manhattan on $10 million bail.
The former chairman of the Nasdaq stock market is accused of losing the investments of major banks, Hollywood stars, charities, schools and pensioners. Many lost their life savings.
King has emerged among a list of stars who were victims of the alleged fraud. Actor Kevin Bacon has already confirmed he and his actress wife Kyra Sedgwick were caught up in the alleged scam, as have director Steven Spielberg and his DreamWorks partner Jeffrey Katzenberg. Their Wunderkinder Foundation charity is said to have lost millions of dollars.
Reader views (5)
No real surprise. Have you ever listened to King when financial matters are discussed on his TV show? He knows next to nothing about money, investing or economics. I am sure he just handed all his money over to others to handle. Big mistake.
- Ken, Los Angeles, CA USA, 05/02/2009 23:48
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I agree with Ian. As far as Larry King is concered it couldn't have happened to a better Liberal.
- Frank, ex-England, 24/01/2009 22:02
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Madoff made of with my money Baaaby
I don't think it's funny Baaaby
There's a song there somewhere - any suggestions?
- Freddie, London, 24/01/2009 07:49
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Wow, there was no stopping Mr. Madoff, from his sister to his sons, to his wife, to his most intimate friends, to house cleaners, to sports and hollywood celebs and even the International Olympic Committee. I wouldnt be surprised to see an email from God, saying, Yes I lost billions too. Its a tragedy of epic proportions. But signals a new era, along with Obama, that what was easy will now be hard. Here comes a cold dose of reality.
- Bondy, london, 23/01/2009 16:58
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While Madoff is a very immoral, maybe even evil or deranged, these people are victims of their own greed and lack of due diligence. I don't have too much sympathy for them.
- Ian, New Orleans, USA, 23/01/2009 16:44
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