Bernie Madoff Scams HSBC for $1 Billion

[T2K]

Since when are jews a race anyway? Are moslems and christians a race too? How about buddhists? Hindus?

This little hissy fit is stupid on many levels.

[azzam]

Yay!! I can fight with you again.

[baloo]

Here's an early list of those who are thought to have lost out in Bernard Madoff's alleged $50bn scam.
Fairfield Greenwich Group - $7.5bn (company statement)

Kingate Management - $3.5bn (Bloomberg)

Banco Santander - $3.1bn direct and indirect exposure (company statement)

Tremont Group - $3.3bn (Bloomberg)

Bank Medici - $2.2bn (company statement)

Ascot Partners LLC - $1.8bn (The Wall Street Journal)

Access International Advisors - $1.4bn (company statement)

Fortis - $1.4bn (company statement)

HSBC - $1bn (Financial Times)

Benbassat & Cie - $935m (Le Temps)

Union Bancaire Privee - $850m (Le Temps)

Royal Bank of Scotland - $594m (company statement)

Natixis - $533m in indirect exposure (company statement)

BNP Paribas - $468m (company statement)

BBVA - $404m (Reuters)

Fix Asset Management - $400m (company statement)

Man Group - $360m (company statement)

Reichmuth & Co - $330m (firm letter to clients)

Nomura Holdings - $302m (company statement)

Maxam Capital Management - $280m (The Wall Street Journal)

EIM Group - $230m (Le Temps)

UniCredit - $100m (company statement)

Societe Generale and UBS have both come out and confirmed insignificant exposure.

[Kooky]

Santander's got my dosh.

[Lichtgestalt]

To quote Emilio Botin:

One, if you don’t fully understand a product, don’t buy it.

Two, if you wouldn’t buy a product for yourself, don’t sell it.

And three, if you don’t know your customers very well, don’t lend them any money.

[BoD]

Excellent. I have far more of HSBC's money than they do of mine.. Hope they go bust and forget about my home loans (and of course I hope all the employees get handsomely paid off)

[Joseph27]

Just an odd thought but I can imagine that many retirees in Florida would have been happily parking their money with Bernie because of his religious origins -oh that and the 13% returns year after year....... there are a lot of broke people in Florida now wondering how to live a lavish lifestyle of social security payments....