Bernard Madoff’s $50bn fraud hits banks
Even before the world’s biggest banks could recover from the crisis of the global meltdown, they have been hit by an alleged fraud on Wall Street, committed by a trader Bernard Madoff, to the tune of $50 billion.
Global banking majors, including HSBC and Santander, and many others of exposure to Madoff’s Ponzi scheme.
Besides Spain’ Santander, Spanish firm BBVA, British majors HSBC, Royal Bank of Scotland and Man Group French companies BNP Paribas, Natixis, Switzerland-based Reichmuth & Co and Japan’s Nomura all have have significant exposure to the alleged fraud.
Madoff, who was the former chairman of the Nasdaq Stock Exchange, had been arrested and investigations are going on.