Telenor denied the accusation and refused to pay a $1.7 billion fine for supposed lost profits.
But the case's presiding judge, Jed S. Rakoff, has ruled that they must pay $83 million in supposed investment profits from Madoff to the trustee.
Even if he supposes that profits grow only at their long-run average pace, he says, values are still lower than usual.
And anyway, "profit" is not a dirty word, this is a free market country, we're supposed to like profits.
This is supposed to prevent profits from, say, the group's hugely successful cell-phone business, NTT DoCoMo, underwriting losses elsewhere, or subsidising new ventures.
If the S.E.C. files a lawsuit against SAC, the hedge fund could defend itself or strike a settlement that could involve substantial financial penalties, including the disgorgement of supposed illegal trading profits.
And investments, if things go well, are supposed to make profits.
It is an error to suppose that profit-seeking, as such, fails to advance the public good, and that special efforts to give something back to society are needed to redeem it.However, as already noted, profit succeeds as an indicator of value creation, and as a signal that draws new investment to socially useful purposes, only under certain circumstances.
"It turns a city into something that is supposed to generate profit without taking into account the needs of the city and the people".
The Treasury has announced that he had been made Steward and Bailiff of the Manor of Northstead - a supposed "office of profit" that stops someone serving as an MP.
