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India On Media |
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| Money
News |
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| Investors reel from Madoff shock |
| The list of investors and banks hit by an alleged $50bn (£33bn) fraud by US trader Bernard Madoff is growing
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| UNITED STATES OF AMERICA
, 16-December-2008
1:9:17 AM |
| Leading Spanish, British and Japanese banks say they could be facing losses of billions of dollars.
Other victims include film director Stephen Spielberg's Wunderkinder Foundation charity.
US authorities have ordered the liquidation of the trader's brokerage firm, Bernard L Madoff Investment Securities of New York.
Mr Madoff, who was arrested on Thursday, has been charged with fraud in what is being described as one of the biggest-ever such cases.
He ran a fund that paid annual interest of about 10% but prosecutors say it was, in effect, a pyramid scheme, with money from new investors paying off old ones.
Shares fall
Banks and financial institutions across the world had investments with Bernard Madoff, but not all have yet confirmed what their potential losses might be.
Among the potential losers is Spain's largest bank, Santander, which owns the UK High Street banks Abbey, Alliance & Leicester and Bradford & Bingley.
The bank had a direct exposure of 17m euros ($23m; £15m), but clients of its Optimal fund management unit have another 2.3bn euros invested in the firm run by Bernard Madoff.
Japanese financial giant Nomura said it could lose up to $303m.
Britain's HSBC said it had investments of about $1bn that could be affected.
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