>$50 Billion Fraud: "Bigger Than All the Rest Put Together"

At $50 Billion, it stands alone as the largest investment swindle ever. Other swindles pale in comparison: Charles Ponzi's was $113 million (inflation-adjusted); con artist Lou Pearlman's may have been as high as $500 million; Tom Petters' scheme is alleged to have been $3 billion, but that figure is likely exaggerated.

What's more, even history's biggest single trading losses don't come close: Long-Term Capital Management lost $5.8 billion; and Société Générale earlier this year saw $7.1 billion go up in smoke.

Bernard L. Madoff's alleged investment fraud is going to dwarf them all, and stand in the record books as the con that was "bigger than all the rest put together." In a perverse way, its magnitude makes it worthy of the scope of the economic crisis which brought the scam to light. All Ponzi schemes will keep working until they don't -- that is, until the psychology turns and people start begin withdrawing big-time.

Yet Bernie Madoff had never had a losing year: He "paid 8% to 12%, every year, no matter what." Now more than 30 of his investors believe their losses could exceed $1 billion.

It may be a while before anyone knows how long this scheme has gone on: Madoff has been managing money since 1960. The SEC had received multiple warnings about Madoff beginning in 1992 -- but as the Wall Street Journal said about the SEC, "Each time, it blew its chance." Then again, how hard would you expect them to look at a guy who had actually served on an SEC advisory committee, and had been Chairman of the NASDAQ?

RESEARCH REPORTS

>INSIDE TRADING 18-12-2008

520155 ABG Infralogistics Ltd Mrs.Archana Saket Agarwal 11/12/2008 B 3370 0.02 52908 0.41 520155 ABG Infralogistics Ltd Mrs.Archana Saket Agarwal 12/12/2008 B 3041 0.02 55597 0.43 515055 Anant Raj Industries Ltd., Shri Ashok Sarin 15/12/2008 B 26111 27852815 9.43 523377 Apar Industries Ltd Dr. N.D. Desai. 11/12/2008 - 12/12/2008 B 1219 6445205 19.93 523377 Apar Industries Ltd Shri. Kushal N. Desai. 12/12/2008 B 1015 6397244 19.78 523377 Apar Industries Ltd Shri. C.N. Desai. 12/12/2008 B 1000 6313432 19.52 532935 Aries Agro Limited, Dr. Jimmy Mirchandani 12/12/2008 B 26000 1761843 13.55 500039 Banco Products (India) Ltd., Vimal K. Patel. 08/12/2008 - 12/12/2008 B 44256 4634256 6.52 532454 Bharti Airtel Ltd. Mr. Archana Gupta (w/o Akhil Gupta) 11/12/2008 S 2500 1121092 0.06 531590 Bilpower Ltd. Mr. Ashok Bansal. 15/12/2008 B 428 17184 0.16 531590 Bilpower Ltd. Suresh Kumar Choudhary. 15/12/2008 B 226 269105 2.56 532330 Biopac India Corporation Ltd Pankaj B Doshi 10/12/2008 B 50 3156199 19.73 532330 Biopac India Corporation Ltd Pankaj B Doshi 11/12/2008 B 725 3156924 19.73 532792 Cairn India Limited Mr.Rahul Dhir 08/12/2008 B 1600000 3838078 0.20 501833 Chowgule Steamships Ltd., Vijay Vishwasrao Chowgule. 08/12/2008 - 10/12/2008 B 39669 755965 2.08 522295 Control Print (India) Ltd. Shiva Kabra. 28/11/2008 - 02/12/2008 B 2400 289376 3.81 522295 Control Print (India) Ltd. Silver Plastochem Pvt Ltd. 08/12/2008 B 4859 1572871 20.73 522295 Control Print (India) Ltd. Silver Containers Pvt Ltd. 03/12/2008 - 11/12/2008 B 5945 93018 1.23 532322 Elder Pharmaceuticals Ltd Semit Pharmaceuticals & Chemicals P Ltd. 03/12/2008 - 10/12/2008 B 443 1807135 9.58 532984 Enso Secutrack Ltd Corporate Strategies Pvt Ltd. 08/12/2008 S 100000 0.90 780000 6.98 532521 Four Soft Limited Mr. Palem Srikanth Reddy 10/12/2008 - 12/12/2008 B 19519 8596452 22.06 530945 Gangotri Iron & Steel Company Ltd GBK Resources Pvt Ltd 15/12/2008 S 35000 0.45 870482 11.31 532767 Gayatri Projects Limited Mr.T V Sandeep Kumar Reddy 15/12/2008 B 45000 1231985 12.19 532296 Glenmark Pharmaceuticals ltd Glen Saldanha. 08/12/2008 B 5000 624036 0.25 532754 GMR Infrastructure Limited GMR Holdings Pvt Ltd 11/12/2008 B 950100 0.05 1342238710 73.72 509567 Goa Carbon Ltd., Shrinivas V Dempo 12/12/2008 B 3959 33359 0.36 501455 Greaves Cotton Ltd. M/s Karun Carpets Pvt Ltd 11/12/2008 B 61 -- 506879 Gujarat Themis Biosyn Ltd. Gujarat Industrial Investment Corpn Ltd. 11/12/2008 S 440903 3.81 -- 522073 Hi-Tech Gears Ltd., Mr. Pranav Kapuria. 11/12/2008 - 12/12/2008 B 475 389413 4.15 522073 Hi-Tech Gears Ltd., Mr. Anuj Kapuria. 11/12/2008 - 12/12/2008 B 675 406173 4.33 532873 Housing Development & Infrastructure Ltd Sachin Mahamunkar 03/12/2008 - 04/12/2008 S 35000 80714 0.02 500010 Housing Development Finance Corp.Lt D.N. Ghosh. 15/12/2008 S 280 30187 0.01 500202 India Lease Devl. Ltd., Mr. Rajiv Gupta. 11/12/2008 B 300 250000 2.45 500202 India Lease Devl. Ltd., MGF Services Ltd. 11/12/2008 B 5000 244263 2.39 532940 J. Kumar Infraprojects Limited Reliance Long Term Equity Fund 10/12/2008 S 7253 662981 3.19 532976 Jai Balaji Industries Limited Jai Salasar Balaji Industries Pvt Ltd 12/12/2008 B 8006 0.02 1604000 3.41 532926 Jyothy Laboratories Limited M P Ramachandran 10/12/2008 - 12/12/2008 B 36184 34382077 47.37 532714 KEC International Ltd. (formerly known as KEC Infrastructures Ltd.) HDFC Core & Satellite Fund 18/03/2008 - 25/07/2008 S 89500 0.18 0 0.00 532714 KEC International Ltd. (formerly known as KEC Infrastructures Ltd.) HDFC Core & Satellite Fund 12/12/2008 S 30000 0.06 330000 0.66 532714 KEC International Ltd. (formerly known as KEC Infrastructures Ltd.) HDFC Premier Multi-Cap Fund 03/03/2008 S 50000 0.10 0 0.00 532714 KEC International Ltd. (formerly known as KEC Infrastructures Ltd.) HDFC Premier Multi-Cap Fund 04/09/2008 - 08/10/2008 B 243756 0.49 433756 0.87 532714 KEC International Ltd. (formerly known as KEC Infrastructures Ltd.) HDFC Long Term Equity Fund 09/04/2008 B 80587 0.16 236737 0.47 532714 KEC International Ltd. (formerly known as KEC Infrastructures Ltd.) HDFC Infrastructure Fund 03/03/2008 - 25/07/2008 B 139500 0.28 0 0.00 532714 KEC International Ltd. (formerly known as KEC Infrastructures Ltd.) HDFC Infrastructure Fund 03/04/2008 - 18/08/2008 B 349500 0.70 1035108 2.09 532714 KEC International Ltd. (formerly known as KEC Infrastructures Ltd.) HDFC Tax Saver 04/08/2008 - 14/08/2008 B 291976 0.59 291976 0.59 502937 Kesoram Industries Ltd Smt. Manjushree Khaitan 12/12/2008 B 17906 177094 0.38 500247 Kotak Mahindra Bank Ltd. Mr. Kamlesh Rao. 11/12/2008 S 2500 7925 500247 Kotak Mahindra Bank Ltd. Mr. Jaimin Mukund Bhatt. 15/12/2008 S 10000 208350 532469 Mather & Platt Pumps Ltd. Wilo Se. 12/12/2008 B 2071513 22.44 7871385 85.28 532850 MIC Electronics Limited Vidya Sagar Anisingaraju. 11/12/2008 B 13825 768185 0.76 532850 MIC Electronics Limited J. Muni Kanya. 24/11/2008 - 12/12/2008 S 15000 100140 0.09 532921 Mundra Port and Special Economic Zone Limited Malay Ramesh Mahadevia. 11/12/2008 B 87393 194893 0.05 532921 Mundra Port and Special Economic Zone Limited Surender Kumar Tuteja. 11/12/2008 B 2000 2000 526721 Nicco Parks And Resorts Ltd. Rajive Kaul 13/12/2008 B 562 151805 3.24 526721 Nicco Parks And Resorts Ltd. Rajive Kaul 11/12/2008 - 12/12/2008 B 1243 151243 3.23 532466 Oracle Financial Services Software Limited Varun Rajpal 01/12/2008 - 05/12/2008 S 1200 5250 531157 Organic Coatings Ltd. Rajnikanth K Shah 15/12/2008 B 12000 0.18 747350 11.20 531120 Patel Engineering Ltd Patel Engg. Employee Welfare Trust. 12/12/2008 - 15/12/2008 B 10000 0.02 3360000 5.63 531120 Patel Engineering Ltd Patel Realtors Pvt Ltd. 15/12/2008 B 275 14170000 23.75 531120 Patel Engineering Ltd Ms. Sonal Patel. 12/12/2008 - 15/12/2008 B 10000 139450 0.23 530305 Piccadily Agro Industries ltd. Siddhartha Vashishta. 08/12/2008 - 12/12/2008 B 21790 0.09 1884258 7.99 507498 Piccadily Sugar & Allied Ltd. Sh. Siddhartha Vashishta. 08/12/2008 - 12/12/2008 B 8693 0.03 4633377 15.70 532718 Pratibha Industries Ltd. Mr.Ajit B Kulkarni 01/12/2008 - 10/12/2008 B 61414 1388532 8.32 532718 Pratibha Industries Ltd. Mr. Ajit B Kulkarni 19/11/2008 - 21/11/2008 B 30000 1288532 7.72 532718 Pratibha Industries Ltd. Mr.Ajit B Kulkarni 24/11/2008 - 28/11/2008 B 38586 1327118 7.95 530695 Prime Property Development Corporation Ltd. Padamshi L. Soni. 11/12/2008 B 700 8918148 44.59 530695 Prime Property Development Corporation Ltd. Padamshi L. Soni. 12/12/2008 B 1130 8919278 44.60 531033 Regal Entertainment & Consultants Ltd. Shri. Dinesh Gupta. 08/12/2008 - 12/12/2008 B 1870 -- 500376 Satyam Computer Services Ltd K. Sriram. 11/12/2008 S 1000 13526 0.00 500376 Satyam Computer Services Ltd A.S. Murthy. 12/12/2008 - 15/12/2008 S 21000 69065 0.01 532793 Shree Ashtavinayak Cine Vision Ltd Dahlia Traders Pvt Ltd. 15/12/2008 S 2000 0.01 3403827 32.48 505650 Skyline Millars Ltd Urmi A. Patel. 18/11/2008 B 575 154775 0.38 505650 Skyline Millars Ltd Urmi A. Patel. 03/12/2008 B 225 155000 0.38 505650 Skyline Millars Ltd Urmi A. Patel. 13/12/2008 B 4500 159500 0.39 505650 Skyline Millars Ltd Urmi A. Patel. 15/12/2008 B 5500 165000 0.41 500404 Sunflag Iron & Steel Co. Ltd., Supra Corporation Ltd 15/12/2008 B 165000 0.10 2534362 1.56 500404 Sunflag Iron & Steel Co. Ltd., Supra Corporation Ltd 16/12/2008 B 593300 0.36 3127662 1.92 512527 Super Sales India Ltd. Principal Mutual Fund Schemes 05/12/2008 S 151073 4.92 19251 0.63 526879 UT Ltd. Smt. Vandana Khaitan. 01/12/2008 - 05/12/2008 B 9186 150118 2.46 532953 V-Guard Industries Ltd. Kochouseph Chittilappilly. 10/12/2008 - 11/12/2008 B 16368 6500110 21.78 532867 Vishal Retail Limited Mr. Ram Chandra Agarwal -- B 30781 -- 511147 Wall Street Finance Ltd. Reliance Money Express Ltd. 11/12/2008 B 6024 0.05 3933853 33.84 511147 Wall Street Finance Ltd. Reliance Money Express Ltd. 12/12/2008 B 75000 0.65 4008853 34.49 507685 Wipro Ltd., Suresh Vaswani 15/12/2008 S 20000 45968 507685 Wipro Ltd., Suresh Vaswani 10/12/2008 - 11/12/2008 S 8768 72200 507685 Wipro Ltd., Suresh Vaswani 12/12/2008 S 6232 65968 532300 Wockhardt Ltd Mr.Rajiv Gandhi 12/12/2008 S 40000 0.00 75

B - Buy

S - Sale

RESEARCH REPORTS

>Hindalco Technical analysis

Hindalco as we see from the chart was in a range for some time before
breaking up the range.
The breakup which came was with fair volume(more than the range volume)
and after the breakup its come back to retest the range support .

So here we have a good trade setup with good risk reward.
50 remains the stop loss for this trade and 65 would be conservative
target in coming days.

Remember Stoploss is must.

To read what brokerage houses say about hindalco read here

HINDALCO(Merrill Lynch)

Regards
Rish
RESEARCH REPORTS

>INSIDE TRADING 17-12-2008

520155 ABG Infralogistics Ltd Mrs.Archana Saket Agarwal 10/12/2008 B 6039 0.04 51357 0.40 520155 ABG Infralogistics Ltd Mrs. Archana Saket Agarwal 24/11/2008 - 25/11/2008 B 3050 0.02 15528 0.12 520155 ABG Infralogistics Ltd Mrs.Archana Saket Agarwal 26/11/2008 B 6950 0.05 22478 0.17 520155 ABG Infralogistics Ltd Mrs. Archana Saket Agarwal 28/11/2008 - 01/12/2008 B 5039 0.03 27517 0.21 520155 ABG Infralogistics Ltd Mrs. Archana Saket Agarwal 02/12/2008 B 4569 0.03 32086 0.25 520155 ABG Infralogistics Ltd Mrs.Archana Saket Agarwal 03/12/2008 - 04/12/2008 B 5049 0.03 37135 0.29 520155 ABG Infralogistics Ltd Mrs.Archana Saket Agarwal 05/12/2008 - 08/12/2008 B 8183 0.06 45318 0.35 532828 AMD Industries Ltd Harswarup Gupta 13/12/2008 B 20537 1904048 9.93 523377 Apar Industries Ltd Dr. N D Desai 08/12/2008 B 9264 6438250 19.91 523377 Apar Industries Ltd Shri Kushal N Desai 08/12/2008 B 7052 6388281 19.75 523377 Apar Industries Ltd Shri C N Desai 08/12/2008 B 5000 6302432 19.49 532380 Baba Arts Ltd Ajay Acharya Jt. Malvika Acharya 08/12/2008 - 11/12/2008 B 62859 416600 3.23 531937 Beckons Industries Ltd. Mr. Jasjot Singh 05/12/2008 B 1500 260694 0.97 500493 Bharat Forge Ltd Life Insurance Corporation Of India Ltd 21/08/2007 - 05/12/2008 B 4533293 2.03 20503438 9.20 531590 Bilpower Ltd. Suresh Kumar Choudhary. 11/12/2008 B 1967 0.01 268251 2.55 531590 Bilpower Ltd. Suresh Kumar Choudhary. 12/12/2008 B 628 0.00 268879 2.56 505681 Bimetal Bearings Ltd Simpson & Company Ltd. -- B 19 561264 14.67 505681 Bimetal Bearings Ltd Simpson & Company Ltd. -- B 34 0.00 561298 14.67 500067 Blue Star Ltd Ashok M Advani 04/12/2008 - 08/12/2008 B 14760 6933162 500067 Blue Star Ltd Ashok M Advani 10/12/2008 - 11/12/2008 B 5387 6938549 532902 Consolidated Construction Consortium Ltd R Sarabeswar 11/12/2008 B 350 1669246 4.52 511072 Dewan Housing Finance Corpn. Ltd., M/s Wadhawan Holdings Pvt Ltd 10/12/2008 B 50000 0.08 3936608 6.50 511072 Dewan Housing Finance Corpn. Ltd., M/s Wadhawan Holdings Pvt Ltd 11/12/2008 B 4954 0.01 3941562 6.51 514358 Everlon Synthetics Ltd. Varsha J Vakharia 01/12/2008 - 12/12/2008 B 3190 273320 5.41 532715 Gitanjali Gems Ltd. Mehul C Choksi 12/12/2008 B 10000 0.01 36326500 42.70 500300 Grasim Industries Ltd., Aberdeen Asset Mgt. Asia Ltd 03/12/2008 B 110388 0.12 8383713 9.14 530117 H.K. Finechem Ltd. Mr. Dharmesh Rajan Harivallabhdas 10/12/2008 B 2950000 31.05 2951250 31.07 530117 H.K. Finechem Ltd. Limat Development Ltd. 10/12/2008 S 2950000 31.05 -- 532808 House of Pearl Fashions Limited Deepak Seth 10/12/2008 - 11/12/2008 B 8345 0.04 1228710 6.30 502901 Jam Shri Ranjitsinghji Spg.& Wvg.Mi Navratan Damani. 10/12/2008 B 300 0.00 258167 7.36 511131 Kamanwala Housing Construction Ltd Sudha Gupta 08/12/2008 - 11/12/2008 S 24579 306341 2.17 532741 Kamdhenu Ispat Limited Kamdhenu Overseas Ltd 04/12/2008 B 4328 0.02 2182928 11.48 532741 Kamdhenu Ispat Limited Kamdhenu Overseas Ltd 10/12/2008 B 13446 0.07 2196374 11.55 532732 Kewal Kiran Clothing Ltd. Mr.Vikas P Jain 11/12/2008 B 12036 639286 5.18 500256 Lok Housing & Construction Ltd., Azofen Pvt Ltd -- S 48000 0.11 200 500256 Lok Housing & Construction Ltd., Shagun Securities Pvt Ltd -- S 800000 1.87 1600 500256 Lok Housing & Construction Ltd., Kent Trading Agencies Pvt Ltd -- S 125000 0.29 3979 0.01 523792 Mazda Ltd. Mr.Sorab R Mody 28/11/2008 - 11/12/2008 B 22100 802407 18.84 532921 Mundra Port and Special Economic Zone Limited Sandeep Mehta 11/12/2008 B 44196 45061 0.01 532921 Mundra Port and Special Economic Zone Limited Gautambhai Shantilal Adani 10/12/2008 S 80000 920000 0.23 532921 Mundra Port and Special Economic Zone Limited Gautambhai Shantilal Adani 11/12/2008 S 279189 640811 0.16 532952 Nahar Capital & Financial Services Ltd. Reliance Long Term Equity Fund 05/12/2008 S 27700 0.16 519696 3.10 532952 Nahar Capital & Financial Services Ltd. Reliance Regular Saving Fund 05/12/2008 S 45169 0.26 -- 500315 Oriental Bank Of Commerce Life Insurance Corporation of India 12/01/2007 - 01/12/2008 B 5675517 2.26 40832158 16.29 521080 Pasari Spinning Mills Ltd. Pasari Exports Ltd -- B 30000 5596250 55.26 531273 Radhe Developers (India) ltd. Ashish P Patel 04/12/2008 - 05/12/2008 B 5965 1920021 18.86 531273 Radhe Developers (India) ltd. Ashish P Patel 08/12/2008 - 10/12/2008 B 5586 1925607 18.91 526407 Ritesh Properties & Industries Ltd Consolidated Securities Ltd 08/12/2008 S 499003 4.31 1201000 10.36 526407 Ritesh Properties & Industries Ltd Sanjeev Arora 08/12/2008 S 163257 1816107 15.66 532731 ROHIT FERRO-TECH LTD. Foster Capital Ventures Ltd 08/12/2008 S 193731 0.49 1545073 3.91 511754 Shalibhadra Finance Ltd. Mrs. Sheetal M Doshi 12/12/2008 B 10 1033460 20.66 532874 Suryachakra Power Corporation Ltd. Mrs. M Mangatayaru 10/12/2008 B 3500 1189718 1.55 511333 VLS Finance Limited VLS Capital Ltd. 11/12/2008 B 6828 0.01 11841166 29.75 511333 VLS Finance Limited VLS Capital Ltd. 11/12/2008 B 5003 0.01 11834338 29.73 511333 VLS Finance Limited VLS Capital Ltd. 12/12/2008 B 1000 0.00 11842166 29.75 511333 VLS Finance Limited VLS Capital Ltd. 12/12/2008 B 1000 11843166 29.76 531845 Zenith Birla (India) Limited Shearson Investment & Trading Co. Ltd 10/12/2008 B 463950 2972089 7.42

B - Buy

S - Sale

RESEARCH REPORTS