The investment fund has collapsed reportedly with accumulated losses of $50bn, incurred over several years. Madoff apparently ran a Ponzi scheme in this period, pay off old investors with funds from new investors. The prominent losers mentioned so far:
- HSBC- $ 1bn
- BNP Paribas-$468 mn
- Banco Santander- Euro 17 mn
3 comments:
nn,n,mn,mn,mn n,mn,n
Its amazing how come HSBC got into the Trap of Madoff...I could digest Individual Investors or a religious institution or village fund as a key prey...
I guess their account was called john cook (de book) and financial adviser was Jeremiah Swindle.
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