In a press release, Picard claims UBS actively assisted the Madoff Ponzi scheme by sponsoring and administrating Luxalpha SICAV and Groupement Financier, two feeder funds.

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Further, we know that the overhead costs of administrating Medicare are dramatically lower than what it costs a private insurance company to administer its programs.

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Put these all together and you get a huge chasm between the old leadership style of administrating and directing versus the new model of guiding and inspiring.

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But there was a catch: Investors needed at least 25% of so-called voting rights in a trust to declare a default and possibly compel the administrating trustee to enforce repurchases.

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Since the former coloniser, Portugal, is still recognised as the administrating power by the United Nations, East Timorese feel justified in regarding their plight as an international issue.

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He said there had been 200 questionnaires returned and they were being examined by the UK Ministry of Justice, which is responsible for administrating the relationship with the Crown Dependencies.

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