Banks’ Multi Billion Losses From A Scam
I picked up this while browsing Yahoo finance yesterday and today, it seems that many international banks’ are exposed to multi billion losses from this scam. If you have not heard it yet, this alleged $50 billion fraud created by Bernard Madoff, a former chairman of the Nasdaq Stock Market.
Among the list of potential victims are Royal Bank of Scotland and Man Group, Japan’s Nomura, France’s Natixis and HSBC Holdings. With the markets still reeling from the effects of the US credit crunch, investors will be more than nervous.
Reading the article brings a tinge of sadness and of anger. That once again, greed had influenced a well respected person to act in such a manner. The full article from IHT is here