Madoff investment scandal to enable the Irish regulator to uncover the fraud much earlier than late 2008 when he was finally arrested in New York. The scheme began to unravel in the fall of 2008, when the general market downturn accelerated. Madoff had previously come close to collapse in the second half of 2005 after Bayou Group, a group of hedge funds, was exposed as a Ponzi scheme that used a bogus accounting firm to misrepresent its performance. By November, investors had requested $105 million in redemptions, though Madoff's Chase account only had $13 million. Madoff only survived by moving money from his
Global Investment House and that HSBC had been appointed to deal with renegotiating this and other debts. Global Investment House Global Investment House (Global) is an investment company incorporated in 1998, and falls under the regulation of the Capital Markets Authority of Kuwait. In late 2008 and early 2009 Global was hit by cash flow problems affecting its operations in several countries. Kuwait's Global Investment House 2010 loss $260 million. Global’s assets under management as of December 2014 were KD 1.188 billion (USD 3.6 billion). On 22 December 2008, following Standard and Poor's downgrade of their debt to "speculative default" from investment grade