INdirectly, definitely, thru UBS judging by the report (bold)... directly??
Banks tally Madoff damage
Madoff, a 70-year-old Wall Street veteran, is alleged to have confessed to having lost 50 billion dollars (S$74.45 billion) of investors' money in a giant pyramid scheme that collapsed in the global financial crisis. -- PHOTO: ASSOCIATED PRESS
MADRID - BANKS worldwide were counting Monday their losses from an alleged fraud scam run by New York trader Bernard Madoff, with Spain's Santander bank saying a subsidiary may have lost more than three billion dollars (S$4.43 billion).
Firms exposed to Madoff's alleged fraud
Investors around the world have scrambled since Friday to assess potential losses from an alleged US$50 billion (S$74.4 billion) fraud by Bernard Madoff, the prominent Wall Street trader arrested last week.
Following a list of some of the firms exposed to the alleged fraud:
... more
Japan's Nomura joins Madoff scandal victims
TOKYO - JAPAN'S top broker Nomura on Monday joined the growing list of victims in the scandal surrounding the once high-flying New York broker Bernard Madoff, warning it may have lost about US$300 million (S$444 million).
Nomura said in a statement that it had exposure of 27.5 billion yen, but reassured investors that there would be no significant impact on its finances.
... more
Madoff, a 70-year-old Wall Street veteran who was arrested on Thursday, is alleged by US prosecutors to have confessed to having lost 50 billion dollars (S$74.45 billion) of investors' money in a giant pyramid scheme that collapsed in the global financial crisis.
Santander, Spain's largest bank, said Sunday its investment fund Optimal has an exposure of 2.33 billion euros. The bank said it had also invested 17 million euros of its own funds in Madoff products.
French bank BNP Paribas revealed it could lose up to 350 million euros (S$695 million), while Japan's top broker Nomura said on Monday it faced losses of up to 27.5 billion yen (S$446.6 million).
A BNP Paribas statement said the bank had no direct investment with Madoff's company but 'it does have risk exposure to these funds through its trading business and collateralised lending to funds of hedge funds'.
'If, as a result of the alleged fraud, the value of the assets of these hedge funds is nil, BNP Paribas' loss could amount to around 350 million euros.'
In Tokyo, Nomura Holdings 'confirmed that its Madoff-related exposure is worth 27.5 billion yen', the group said in a statement.
'The impact of the exposure is relatively limited in the light of our accounting capital,' it said.
In Britain, a spokesman for Royal Bank of Scotland said the bank had 'some exposure' to Madoff, but declined to give details.
European media have said HSBC of Britain and Union Bancaire Privee of Switzerland could also have suffered, although neither has admitted or denied losing money.
The Financial Times, citing people close to the situation, said HSBC may be exposed to the tune of about one billion dollars.
The bank's exposure stemmed from loans it provided to institutional clients, mainly hedge funds of funds, who invested with Madoff, the daily said on Monday.
A British investment fund that also acknowledged being a Madoff client criticised what it called the 'systemic failure' of US regulators.
Bramdean Alternatives Limited said the accusations against Madoff raised 'fundamental questions' about the American financial regulatory system.
'It is astonishing that this apparent fraud seems to have been continuing for so long, possibly for decades, while investors have continued to invest more money into the Madoff funds in good faith,' the firm said in a statement.
Bramdean Alternatives invested around 21 million pounds, or around 9.5 per cent of its portfolio, with Madoff's company.
British newspapers reported that among Bramdean's clients is property magnate Vincent Tchenguiz, one of Britain's richest men, who apparently invested 40 million pounds with the firm.
Swiss bankers face losses of up to five billion dollars, Geneva's Le Temps newspaper said.
It said Union Bancaire Privee, a major asset management institution specialising in hedge funds, could be exposed to the tune of one billion dollars.
UBP refused to comment on the report, which said that 90 per cent of fund management companies operating in Geneva invested in products of Bernard L. Madoff Investment Securities LLC.
Italy's stock market watchdog, the Consob, has launched an investigation into the impact of the scandal on the national financial system, Ansa news agency reported.
The Bank of Spain also opened an investigation to determine the level of involvement of Spanish companies, the Spanish daily El Mundo said.
South Korean institutions could lose some 100 million dollars (S$150 million), media reports said on Monday. -- AFP
Banks tally Madoff damage
Madoff, a 70-year-old Wall Street veteran, is alleged to have confessed to having lost 50 billion dollars (S$74.45 billion) of investors' money in a giant pyramid scheme that collapsed in the global financial crisis. -- PHOTO: ASSOCIATED PRESS
MADRID - BANKS worldwide were counting Monday their losses from an alleged fraud scam run by New York trader Bernard Madoff, with Spain's Santander bank saying a subsidiary may have lost more than three billion dollars (S$4.43 billion).
Firms exposed to Madoff's alleged fraud
Investors around the world have scrambled since Friday to assess potential losses from an alleged US$50 billion (S$74.4 billion) fraud by Bernard Madoff, the prominent Wall Street trader arrested last week.
Following a list of some of the firms exposed to the alleged fraud:
... more
Japan's Nomura joins Madoff scandal victims
TOKYO - JAPAN'S top broker Nomura on Monday joined the growing list of victims in the scandal surrounding the once high-flying New York broker Bernard Madoff, warning it may have lost about US$300 million (S$444 million).
Nomura said in a statement that it had exposure of 27.5 billion yen, but reassured investors that there would be no significant impact on its finances.
... more
Madoff, a 70-year-old Wall Street veteran who was arrested on Thursday, is alleged by US prosecutors to have confessed to having lost 50 billion dollars (S$74.45 billion) of investors' money in a giant pyramid scheme that collapsed in the global financial crisis.
Santander, Spain's largest bank, said Sunday its investment fund Optimal has an exposure of 2.33 billion euros. The bank said it had also invested 17 million euros of its own funds in Madoff products.
French bank BNP Paribas revealed it could lose up to 350 million euros (S$695 million), while Japan's top broker Nomura said on Monday it faced losses of up to 27.5 billion yen (S$446.6 million).
A BNP Paribas statement said the bank had no direct investment with Madoff's company but 'it does have risk exposure to these funds through its trading business and collateralised lending to funds of hedge funds'.
'If, as a result of the alleged fraud, the value of the assets of these hedge funds is nil, BNP Paribas' loss could amount to around 350 million euros.'
In Tokyo, Nomura Holdings 'confirmed that its Madoff-related exposure is worth 27.5 billion yen', the group said in a statement.
'The impact of the exposure is relatively limited in the light of our accounting capital,' it said.
In Britain, a spokesman for Royal Bank of Scotland said the bank had 'some exposure' to Madoff, but declined to give details.
European media have said HSBC of Britain and Union Bancaire Privee of Switzerland could also have suffered, although neither has admitted or denied losing money.
The Financial Times, citing people close to the situation, said HSBC may be exposed to the tune of about one billion dollars.
The bank's exposure stemmed from loans it provided to institutional clients, mainly hedge funds of funds, who invested with Madoff, the daily said on Monday.
A British investment fund that also acknowledged being a Madoff client criticised what it called the 'systemic failure' of US regulators.
Bramdean Alternatives Limited said the accusations against Madoff raised 'fundamental questions' about the American financial regulatory system.
'It is astonishing that this apparent fraud seems to have been continuing for so long, possibly for decades, while investors have continued to invest more money into the Madoff funds in good faith,' the firm said in a statement.
Bramdean Alternatives invested around 21 million pounds, or around 9.5 per cent of its portfolio, with Madoff's company.
British newspapers reported that among Bramdean's clients is property magnate Vincent Tchenguiz, one of Britain's richest men, who apparently invested 40 million pounds with the firm.
Swiss bankers face losses of up to five billion dollars, Geneva's Le Temps newspaper said.
It said Union Bancaire Privee, a major asset management institution specialising in hedge funds, could be exposed to the tune of one billion dollars.
UBP refused to comment on the report, which said that 90 per cent of fund management companies operating in Geneva invested in products of Bernard L. Madoff Investment Securities LLC.
Italy's stock market watchdog, the Consob, has launched an investigation into the impact of the scandal on the national financial system, Ansa news agency reported.
The Bank of Spain also opened an investigation to determine the level of involvement of Spanish companies, the Spanish daily El Mundo said.
South Korean institutions could lose some 100 million dollars (S$150 million), media reports said on Monday. -- AFP
Hurray...Hurray.......
