Gold Medal Swindler Madoff Rips Off Olympic Committee

The latest Bernie Madoff victim to emerge is none other than the International Olympic Committee. Though their loss is relatively small—$5 million at the most—compared to their total reserve of $400 million, still it’s worth noting. That money, by the way, was to keep the organisation alive should the games get canceled.

Some might find it interesting that the IOC, which had several members busted for bribery related to Salt Lake hosting the games, is now caught up in a dicey financial situation in which it’s the victim. We, of course, do not.

NBC Sports: “That could be the maximum loss,” [IOC finance commission chairman Richard] 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.”

More problems for Walter Noel, perhaps?

Carrion said the IOC has policies in place to limit major concentrations of money, but the Madoff scam has caught the organisation off guard.

“This is obviously something unexpected because this is a fraud,” he said. “It’s never any fun when you lose money.”

 


FOR FULL MADOFF COVERAGE, CLICK BERNIE’S FACE >


See Also: A SLIDESHOW OF MADOFF’S VICTIMS HERE >

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.