More Banks Reveal Madoff Exposure

News Type: Event — Seeded on Mon Dec 15, 2008 8:49 AM EST

Article Source: The New York Times

Royal Bank of Scotland, Man Group and Nomura on Monday joined a growing list of financial groups acknowledging exposure to the alleged $50 billion fraud surrounding Wall Street trader Bernard Madoff.

A report in the Financial Times said HSBC Holdings Plc had emerged as one of the largest victims, with potential exposure of about $1 billion. HSBC could not immediately be reached for comment.

RBS said its potential loss could amount to some 400 million pounds ($595 million), if it assumed that the value of its assets in market-making firm Bernard L. Madoff Investment Securities LLC were nil. Man Group estimated its exposure at $360 million.

Natixis of France said it had as much as 450 million euros ($605 million) of exposure, and Italy's second-biggest bank, UniCredit SpA, revealed exposure of around 75 million euros.

U.S. prosecutors and regulators have accused 70-year-old Madoff, a former chairman of the Nasdaq Stock Market, of masterminding a fraud through his investment advisory business, which managed at least one hedge fund.

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{"commentId":4456949,"authorDomain":"joysteele"}

inmycircle

There's some people that don't really want mone money than they can spend , they just don't want anyone else to have any. They are those that set out to make businesses fail.

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1 vote

#1 - Tue Dec 16, 2008 10:17 PM EST

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Two banks exposed to '$50bn con'	BBC News	Mon Dec 15	7
RBS and Man Group report exposure to Madoff fraud	Associated Press	Mon Dec 15	0
French bank foresees possible euro450 million loss	Associated Press	Mon Dec 15	0
Swiss bank UBP: clients risk Madoff losses	Associated Press	Mon Dec 15	1
Nomura: $306 million in Wall Street Ponzi scheme	Associated Press	Sun Dec 14	1

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More Banks Reveal Madoff Exposure

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