Monday, Dec 15, 2008
Coming out of the woodwork
FT: HSBC joins victims of Madoff’s alleged fraud
HSBC has emerged as one the largest victims of Bernard Madoff’s alleged fraud with potential exposure of about $1bn to the investment manager’s collapsed venture, according to people close to the situation
Posted by gardeniadotnet @ 07:12 AM (525 views) Add Comment
8 Comments
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1. 51ck-6-51x said...
RBS @ $601m
Man @ $360m
source: ShareCast
2. Eternal Sceptic said...
Now maybe the whole world will realise that sophisticated financial instruments equal garbage. But how many of the vendors will go to jail?
3. gardeniadotnet said...
Santander fears 'fraud' loss exceeding €2.3bn
The Times
December 15, 2008
4. crunchy said...
We have no idea of how much rot remains in the system.
Drip, drip, drip.
All bets are off.
5. last_days_of_disco said...
I wonder how many more of these things there are out there? It makes you wonder what the FSA and the Securities and exchange commission ahve been doing. I can understand them missing a few small fish, but something of this size should have been easy to spot.
6. mrmickey said...
This shows what a bankrupt society we live in, this is just a high profile case, how many other frauds will we never hear about because the sums are smaller, it all adds up in the end to one massive fraud.
7. jack c said...
Citywire also running the story www.citywire.co.uk/adviser/-/news/market-and-shares/content.aspx?ID=323905&re=4387&ea=118560
The 70-year old Madoff, a Wall Street stalwart who was chairman of the NASDAQ stock exchange during his career, is accused of running a massive fraud operation over many years, using new investments into his business to pay off earlier investors.
8. mark said...
there will be many frauds like this, after all boom time is easy to defraud everyone...