New York Post – The founders of a New York hedge fund at the center of the Bernard Madoff scandal have begun selling assets as their firm faces massive losses and a slew of lawsuits, sources told The Post.

Walter Noel and Jeffrey Tucker, co-founders of Fairfield Greenwich Group, a New York hedge fund that lost a whopping $7.5 billion to Madoff’s alleged Ponzi scheme, have been forced to curb their lavish lifestyles amid mounting doubts that the firm can survive the firestorm.

The pair recently dumped a shared interest in a Cessna 560XL private jet, according to a person close to the firm.

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Tags: assets, bernard madoff, cessna, doubts, fairfield greenwich group, firestorm, founders, jeffrey-tucker, lavish lifestyles, lawsuits, massive-losses, new york post, private jet, scandal, slew, walter noel

nebusiness.co.uk – LLOYDS Banking Group became the latest casualty of the bank sector sell-off yesterday as its shares plunged as much as 47%.

Royal Bank of Scotland steadied a little after Monday’s mammoth 67% fall, but doubts over the Government’s second bank bail-out and renewed fears for the sector’s health dragged its rivals lower.

Lloyds, created this week from the merger of HBOS and Lloyds TSB, was the worst hit, followed by Barclays down nearly 20%.

The falls extend losses across the sector in light of news that RBS expects to report record annual losses, but also comes in the wake of the recent expiry of the short-selling ban.

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Tags: banking-group, barclays, casualty, doubts, expiry, fears, hbos, health, lloyds tsb, losses, merger, rbs, rivals, royal-bank-of-scotland