Geneva Funds of Funds Slump 72% as Banks Struggle to Nullify Madoff Losses Geneva banks, which began investing client money in funds of hedge funds during the 1960s, are struggling to rebuild the business after market losses and Bernard Madoff’s Ponzi scheme cut assets by 72 percent.

Apax Partners Agrees to Buy Bankrate for $571 Million Without Using Debt Apax Partners LLP agreed to buy Bankrate Inc., a provider of personal-finance information to consumers, for about $571 million in one of the largest acquisitions this year by a private-equity firm.

Biggest Losses Since 1974 From Harvard to Yale Leave Universities Poorer Harvard University and Yale University are preparing for an extended period of austerity as U.S. colleges are forced to cut spending next year and beyond to offset the biggest investment losses since 1974.

SEC Proposes `Pay-to-Play’ Ban in Crackdown on Public Pension-Fund Abuses The U.S. Securities and Exchange Commission may ban investment advisers from giving money to so- called placement agents and campaigns of politicians overseeing retirement funds as it cracks down on abuses at public pension funds overseeing $2.2 trillion of assets.

Legg Mason’s Miller Says `Worst Passed’ for Stock Market, Bargains Abound Legg Mason Inc.’s Bill Miller said “the worst has passed” for the U.S stock market and that financial and technology companies will probably lead gains.

CIT Rescue Gives Pimco, Centerbridge Instant, Risk-Free $100 Million Gain Pacific Investment Management Co., Centerbridge Partners LP and the four other bondholders that put up $2 billion in financing for CIT Group Inc. made an instant $100 million on an investment analysts say is almost risk free.

Endowment Losses From Harvard to Yale Leave Legacy of Poorer Universities Harvard University and Yale University are preparing for an extended period of austerity as U.S. colleges are forced to cut spending next year and beyond to offset the biggest investment losses since 1974.

Barry Tannenbaum Says He’s No Madoff as South Africans Cry There Was Fraud Johannesburg-based opera singer June Kraus said she thought the $1.5 million she inherited from her mother and entrusted with Barry Tannenbaum was earning as much as 3 percent a week from his savvy investing in AIDS drugs.

Freddie Mac’s Haldeman Says `Difficult Days’ at Putnam Readied Him for Job Charles E. Haldeman Jr., a mutual fund executive with no housing-industry experience, said he can succeed as chief executive officer of mortgage buyer Freddie Mac by drawing on his “difficult days” leading Putnam Investments.

Rogers Says Chinese Stocks Have Risen Ahead of Fundamentals During Rally Investor Jim Rogers, who began buying Chinese stocks in 1988, said the market may have gotten ahead of fundamentals following a recent rally.

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