IOC lost $4.8 million in Madoff

LONDON – "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 told The Associated Press 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 told The Associated Press 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."...

• The IOC's exposure to the affair was first reported in the Wall Street Journal.

A week ago, Carrion said the IOC has financial reserves of more than $400 million — a fund designed to keep the Olympics afloat in the event of the games being canceled.

"It's a little over 1 percent of the money in the portfolio," Carrion said of the funds tied to Madoff."...AP report, via SBD

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