It unraveled as markets declined and many investors who lost money elsewhere sought to withdraw money from their investments with Mr. Madoff.
And as the markets decline, they want to sell and limit their risk.
The yield on the benchmark 10-year Spanish note fell five basis points, helping rates in other peripheral European bond markets decline as well.
"Market conditions remained challenging in the first quarter as equity markets declined further, credit spreads remained elevated, real estate prices continued to fall and loan losses increased as the crisis spread from the financial markets to the real economy, said Chief Executive Jan Hommen.
As global stock markets declined, the market value of TTF also dropped.
But the Item Club says as equity markets decline, the chancellor will be forced to compel workers to save for their retirement, to reverse the funding shortfall which has since opened up.
Some regulators say that while many of these practices may have existed during the boom years of the 1990's, they may have accelerated in more recent years as the market declined.
Although Sun generated $148 million in cash from its operations during the quarter that closed Sept. 28, Sun's investment portfolio got hammered as the market declined, leaving the company out $242 million in cash for the quarter.
Some exceptionally talented or just plain lucky investors will weather the storm and see their portfolios grow even as market averages decline.
Renault said it expected the European car market to shrink by "at least" 3 percent this year, with the French market declining by as much as 5 percent.
