Mad at Madoff: Booker Prize Sponsor Invested With Swindler

by Staff

Man Group, the investment company and hedge fund that sponsors the Man Booker Prize, had $360 million invested in two funds linked to Bernard Madoff, Bloomberg News recently reported. Madoff, founder of Bernard L. Madoff Investment Securities LLC, has admitted to federal prosecutors that he stole $50 billion from a host of international clients. He was arrested less than two weeks ago.

Despite the association, Man Group will continue its five-year-old sponsorship of the Booker. “There’s absolutely no reason to suggest that there would be any difference to the sponsorship deal we have at the moment,” Booker spokeswoman Jane Acton told Bloomberg News.

The winner of the this year's Man Booker Prize, worth approximately $74,000, was Indian novelist Aravind Adiga for The White Tiger (Atlantic).