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Inside sources state that the elderly elf had seen financial troubles because of high prices of raw materials earlier in the year followed by lax demand for consumer goods around Christmas. "He decided back in June to lock in a price of lumps of coal for naughty children. He was really smarting once the price dropped 75%", said a source close to Santa. His bid for assistance from the federal government was reportedly rebuffed. He was informed that because his North Pole Enterprises is a 501c3, it could not qualify as a bank holding company and therefore could not receive assistance under the TARP plan. "The final straw" said an anonymous source, "was finding out that his financial adviser had invested a 'substantial portion' of the North Pole Children's Trust funds with Bernard Madoff." It's rumored that Santa may have lost as much as $10 billion invested with Madoff.