Madoff fraud: Banks hit around the world

By: razak

New York City : NY : USA | 11 months ago

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Posted by: razak

World's biggest banks hit by Madoff fraud.
Madoff's punishment

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Some of the world's biggest banks have revealed that they are victims of a fraud which has lost $50bn.

Bernard Madoff has been charged with fraud in what is being described as one of the biggest-ever financial scandal.

Among the banks which have been hit are Britain's HSBC and RBS, Spain's Santander and France's BNP Paribas.

One of the City's best-known fund managers has criticised US financial regulators for failing to detect the alleged fraud.

Nicola Horlick, boss of Bramdean investments, told the BBC: "I think now it is very difficult for people to invest in things that are meant to be regulated in America, because they have fallen down on the job."

Among the largest potential losers so far is Spain's largest bank, Santander, which also owns the UK High Street banks Abbey, Alliance & Leicester and Bradford & Bingley.

One of its funds had $3.1bn invested in the firm run by Bernard Madoff.

Britain's HSBC said it had investments of about $1bn which could be affected.

Royal Bank of Scotland said it could potentially lose about £400m if all its investments had to be written off.

The French bank, Natixis, a subsidiary of Caisse d'Epargne and Banque Populaire, said it could potentially lose up to 450m euros.

One of the world's biggest investment groups, Man, said it had invested about $360m through its RMF institutional fund of funds business, representing 0.5% of its total funds. Src:bbc news

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