Bamboozled? List of firms burned by alleged Madoff fraud grows
December 18, 2008 10:23 AM ET
(Reuters)—More businesses around the globe disclosed they were caught up in the $50 billion fraud allegedly perpetrated by Bernard Madoff, a former chairman of Nasdaq. Mr. Madoff was arrested by U.S. authorities last week.
Following are some of the potential exposures of these companies:
1. FAIRFIELD GREENWICH GROUP > $7.5 billion
The alternative investment specialist said in a statement on its website it had invested approximately $7.5 billion in vehicles connected to Mr. Madoff, or half of its assets.
2. BANCO SANTANDER > $3.05 billion
Spain’s largest bank said its investment fund, Optimal, has a $3.05 billion exposure to Madoff Securities.
3. TREMONT HOLDINGS > $3 billion (est.)
The hedge fund group’s Rye Investment Management unit had virtually all of its assets invested with Mr. Madoff and lost roughly $3 billion, people familiar with Tremont said. Tremont is a unit of Massachusetts Mutual Life Insurance Co (MassMutual). MassMutual said its indirect exposure to Madoff funds was less than $10 million.
4. ASCOT PARTNERS > $1.8 billion (est.)
According to a Wall Street Journal report, the fund, where former GMAC chairman Jacob Ezra Merkin is a money manager, has an exposure of $1.8 billion.
5. ACCESS INTERNATIONAL ADVISORS > $1.4 billion (est.)
According to a report by Bloomberg, Access has an exposure of $1.4 billion.
6. FORTIS NV > $1.35 billion
The Dutch banking unit of the group recently acquired by the Dutch government said it may have a loss of up to $1.35 billion due to loans made to funds that invested in Madoff Securities.
7. HSBC > $1 billion
The banking and financial services group said it has potential exposure of $1 billion after providing financing to a small number of institutional clients who invested in funds with Mr. Madoff.
8. BENBASSAT & CIE > $935 million (est.) The Swiss private bank has an exposure of $935 million, according to Le Temps. Benbassat said in a statement it is reviewing the potential damages caused to its clients. It gave no data but said the fraud appears “massive and spread amongst several large investor bases.” Benbassat acts as a distributor of Thema International Fund PLC, an Irish registered fund that has invested in Madoff.
9. UNION BANCAIRE PRIVEE > $850 million (est.)
The Swiss bank that invests in funds of hedge funds has lost about $850 million, according to Le Temps, citing unnamed banking sources. UBP has so far declined to comment.
10. NATIXIS SA > $602 million
The French bank said it could have a $602 million indirect exposure to Mr. Madoff.
11. ROYAL BANK OF SCOTLAND > $598 million
The bank said it had exposure through trading and collateralized lending to funds of hedge funds invested with Mr. Madoff, with a potential loss of around $598 million.
12. BNP PARIBAS > $464 million
France’s largest listed bank said it has a potential $464 million exposure.
13. BBVA > $404 million (maximum)
Spain’s second-largest bank said its sees a maximum potential loss from Madoff-linked investments of $404 million.
14. MAN GROUP > $360 million
The U.K. hedge fund said RMF, its fund of funds business, has about $360 million invested in two funds that are directly or indirectly subadvised by Mr. Madoff.
15. DEXIA > $331 million
The Belgian bank said private banking clients had exposure to funds invested in Mr. Madoff of $107 million. It also indicated the bank was exposed through lending operations to funds exposed to Madoff funds to up to $224 million.
16. REICHMUTH & CO > $325 million
Reichmuth & Co. said in a statement on Saturday the exposure of fund Reichmuth Mattehorn amounted to about 3.5% of its 11 billion assets, or about $325 million.
17. NOMURA HOLDINGS > $303 million
Japan’s biggest brokerage said it had a $303 million exposure related to Mr. Madoff, but the impact on its capital would be limited.
18. MAXAM CAPITAL MANAGEMENT > $280 million (est.)
The fund has lost about $280 million on funds invested with Mr. Madoff, a source familiar with the situation said.
19. EIM GROUP > up to $229 million
Bill Glass, partner and head of business development at the EIM Group, said the group has under $230 million of exposure to Madoff, in response to a weekend report by Le Temps which put EIM’s exposure at $230 million.
20. AOZORA BANK > $137 million
The Japanese bank said it had an estimated 12.4 billion yen ($137 million) indirect exposure to Mr. Madoff through invested funds. It said it expected only limited impact on its capital.
21. CREDIT INDUSTRIEL ET COMMERCIAL SA > $126 million
Credit Mutuel’s unit CIC said it could have maximum $126.1 million exposure to Mr. Madoff.
22. UNICREDIT SPA > $101 million
The Italian bank said its own exposure to Madoff’s alleged fraud is about $101 million. Some funds in its Pioneer Investments unit “are exposed to Madoff indirectly through feeder funds,” it said.
23. SWISS LIFE > $80 million
The insurer said its exposure to Mr. Madoff amounted to about $80.07 million, or less than 0.1% of its assets under management.
please feel free to add some more...great eastern singapore is one....how many more big and small...many more ponzi schemes will be exposed soon...so don't be surprised or die of shock! prepare yourself.gear and brace yourself.prepare yourself and your family....times are going to be tough...very tough....
December 18, 2008 10:23 AM ET
(Reuters)—More businesses around the globe disclosed they were caught up in the $50 billion fraud allegedly perpetrated by Bernard Madoff, a former chairman of Nasdaq. Mr. Madoff was arrested by U.S. authorities last week.
Following are some of the potential exposures of these companies:
1. FAIRFIELD GREENWICH GROUP > $7.5 billion
The alternative investment specialist said in a statement on its website it had invested approximately $7.5 billion in vehicles connected to Mr. Madoff, or half of its assets.
2. BANCO SANTANDER > $3.05 billion
Spain’s largest bank said its investment fund, Optimal, has a $3.05 billion exposure to Madoff Securities.
3. TREMONT HOLDINGS > $3 billion (est.)
The hedge fund group’s Rye Investment Management unit had virtually all of its assets invested with Mr. Madoff and lost roughly $3 billion, people familiar with Tremont said. Tremont is a unit of Massachusetts Mutual Life Insurance Co (MassMutual). MassMutual said its indirect exposure to Madoff funds was less than $10 million.
4. ASCOT PARTNERS > $1.8 billion (est.)
According to a Wall Street Journal report, the fund, where former GMAC chairman Jacob Ezra Merkin is a money manager, has an exposure of $1.8 billion.
5. ACCESS INTERNATIONAL ADVISORS > $1.4 billion (est.)
According to a report by Bloomberg, Access has an exposure of $1.4 billion.
6. FORTIS NV > $1.35 billion
The Dutch banking unit of the group recently acquired by the Dutch government said it may have a loss of up to $1.35 billion due to loans made to funds that invested in Madoff Securities.
7. HSBC > $1 billion
The banking and financial services group said it has potential exposure of $1 billion after providing financing to a small number of institutional clients who invested in funds with Mr. Madoff.
8. BENBASSAT & CIE > $935 million (est.) The Swiss private bank has an exposure of $935 million, according to Le Temps. Benbassat said in a statement it is reviewing the potential damages caused to its clients. It gave no data but said the fraud appears “massive and spread amongst several large investor bases.” Benbassat acts as a distributor of Thema International Fund PLC, an Irish registered fund that has invested in Madoff.
9. UNION BANCAIRE PRIVEE > $850 million (est.)
The Swiss bank that invests in funds of hedge funds has lost about $850 million, according to Le Temps, citing unnamed banking sources. UBP has so far declined to comment.
10. NATIXIS SA > $602 million
The French bank said it could have a $602 million indirect exposure to Mr. Madoff.
11. ROYAL BANK OF SCOTLAND > $598 million
The bank said it had exposure through trading and collateralized lending to funds of hedge funds invested with Mr. Madoff, with a potential loss of around $598 million.
12. BNP PARIBAS > $464 million
France’s largest listed bank said it has a potential $464 million exposure.
13. BBVA > $404 million (maximum)
Spain’s second-largest bank said its sees a maximum potential loss from Madoff-linked investments of $404 million.
14. MAN GROUP > $360 million
The U.K. hedge fund said RMF, its fund of funds business, has about $360 million invested in two funds that are directly or indirectly subadvised by Mr. Madoff.
15. DEXIA > $331 million
The Belgian bank said private banking clients had exposure to funds invested in Mr. Madoff of $107 million. It also indicated the bank was exposed through lending operations to funds exposed to Madoff funds to up to $224 million.
16. REICHMUTH & CO > $325 million
Reichmuth & Co. said in a statement on Saturday the exposure of fund Reichmuth Mattehorn amounted to about 3.5% of its 11 billion assets, or about $325 million.
17. NOMURA HOLDINGS > $303 million
Japan’s biggest brokerage said it had a $303 million exposure related to Mr. Madoff, but the impact on its capital would be limited.
18. MAXAM CAPITAL MANAGEMENT > $280 million (est.)
The fund has lost about $280 million on funds invested with Mr. Madoff, a source familiar with the situation said.
19. EIM GROUP > up to $229 million
Bill Glass, partner and head of business development at the EIM Group, said the group has under $230 million of exposure to Madoff, in response to a weekend report by Le Temps which put EIM’s exposure at $230 million.
20. AOZORA BANK > $137 million
The Japanese bank said it had an estimated 12.4 billion yen ($137 million) indirect exposure to Mr. Madoff through invested funds. It said it expected only limited impact on its capital.
21. CREDIT INDUSTRIEL ET COMMERCIAL SA > $126 million
Credit Mutuel’s unit CIC said it could have maximum $126.1 million exposure to Mr. Madoff.
22. UNICREDIT SPA > $101 million
The Italian bank said its own exposure to Madoff’s alleged fraud is about $101 million. Some funds in its Pioneer Investments unit “are exposed to Madoff indirectly through feeder funds,” it said.
23. SWISS LIFE > $80 million
The insurer said its exposure to Mr. Madoff amounted to about $80.07 million, or less than 0.1% of its assets under management.
please feel free to add some more...great eastern singapore is one....how many more big and small...many more ponzi schemes will be exposed soon...so don't be surprised or die of shock! prepare yourself.gear and brace yourself.prepare yourself and your family....times are going to be tough...very tough....
