I note that Temasek has come out to say that it has "no direct exposure with Madoff" (wonder whether it has "indirect" exposure though), however GIC when questioned by MSM "said it has no comment on the matter", why?
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Why does GIC say "No Commet" on the Madoff 'Ponzi' Saga?
- Thread starter Porfirio Rubirosa
- Start date
QUESTION IS HOW MUCH DID TEMASICK INVEST IN IT?
US pyramid fraud scam hits Europe's biggest banks
AFP – The London office of Madoff Investment Securities International Limited. Europe's biggest bank, HSBC, … LONDON (AFP) – Europe's biggest bank, HSBC, joined a list of top names in world finance admitting huge potential losses on Monday in a suspected pyramid fraud scam run by ex-Wall Street heavyweight Bernard Madoff.
Shares in Santander, the biggest bank in Spain and the second-largest in Europe after HSBC , plunged after the lender said it had an exposure of more than three billion dollars to Madoff Investment Securities in New York.
And Fortis Bank Netherlands said it stood to lose up to a billion euros in the suspected scam, even though it had no direct exposure to Bernard Madoff Investment Securities LLC.
"Parts of the group do have a risk exposure to certain funds it provides collateralised lending to," the bank said in a statement.
"If, as a result of the alleged fraud, the value of the assets of these funds is nil and the respective clients cannot meet their obligations, Fortis Bank Nederland (Holding) N.V.'s loss could amount to around 850 million euros to one billion euros" (1.2 to 1.36 billion dollars), it added.
British, French, Japanese and Spanish banks and funds said investments totalling billions of dollars could be wiped off their balance sheets in a scandal set to affect some of the world's richest people.
"On the basis of information presently available, HSBC is of the view that the potential exposure under these financing transactions is in the region of one billion US dollars (740 million euros)," the London-based HSBC said.
Royal Bank of Scotland said it could lose about 400 million pounds (598 million dollars, 444 million euros).
France's Natixis investment bank, already brought low by subprime losses, put its maximum exposure at 450 million euros (606 million dollars). Retail banking giant BNP Paribas revealed potential losses of 350 million euros.
Japanese financial giant Nomura said it could lose up to 303 million dollars and officials in South Korea said financial institutions there had a total exposure of some 95 million dollars.
Madoff, a 70-year-old Wall Street veteran, was arrested on Thursday, and is alleged to have confessed to defrauding investors of 50 billion dollars in a scam that collapsed after clients asked for their money back due to the global financial crisis.
International Monetary Fund chief Dominique Strauss-Khan said he was shocked US regulators had failed to identify and prevent the fraud.
"The surprise is not that there are some thieves in the system, the question is where were the police? It's very surprising to find you're living in a system where a failure of the regulatory system was so big," he told a news conference in Madrid.
Banks have rushed to disclose potential losses in an apparent bid to avert any deepening of the suspicion which has frozen credit markets.
US authorities allege that Madoff delivered consistently strong returns to clients by secretly using the principal investment from new investors to pay out to other investors in what is known as a "pyramid fraud".
US Vice President Dick Cheney said in a radio interview that the alleged scam by the former chairman of the Nasdaq was "very disturbing" but blamed a few "bad apples."
"Unfortunately, we've always had some bad apples ... at the scene who just involve themselves in out-and-out theft, which I think is probably what happened here," Cheney said.
The scheme apparently worked as long Madoff he could attract new investors but seems to have unravelled when some of his clients asked to withdraw their investment -- only to discover that his seemingly brimming coffers were empty.
British investment fund Bramdean Alternatives Limited, which revealed it had put about 31.2 million dollars in Madoff's company, said the scandal 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.
Spain's El Pais newspaper reported the country's second-biggest bank, BBVA, could lose around 500 million euros in the scam .
Italy's biggest bank, UniCredit, said its exposure was around 75 million euros and one of its investment units may also have been indirectly affected.
US pyramid fraud scam hits Europe's biggest banks
AFP – The London office of Madoff Investment Securities International Limited. Europe's biggest bank, HSBC, … LONDON (AFP) – Europe's biggest bank, HSBC, joined a list of top names in world finance admitting huge potential losses on Monday in a suspected pyramid fraud scam run by ex-Wall Street heavyweight Bernard Madoff.
Shares in Santander, the biggest bank in Spain and the second-largest in Europe after HSBC , plunged after the lender said it had an exposure of more than three billion dollars to Madoff Investment Securities in New York.
And Fortis Bank Netherlands said it stood to lose up to a billion euros in the suspected scam, even though it had no direct exposure to Bernard Madoff Investment Securities LLC.
"Parts of the group do have a risk exposure to certain funds it provides collateralised lending to," the bank said in a statement.
"If, as a result of the alleged fraud, the value of the assets of these funds is nil and the respective clients cannot meet their obligations, Fortis Bank Nederland (Holding) N.V.'s loss could amount to around 850 million euros to one billion euros" (1.2 to 1.36 billion dollars), it added.
British, French, Japanese and Spanish banks and funds said investments totalling billions of dollars could be wiped off their balance sheets in a scandal set to affect some of the world's richest people.
"On the basis of information presently available, HSBC is of the view that the potential exposure under these financing transactions is in the region of one billion US dollars (740 million euros)," the London-based HSBC said.
Royal Bank of Scotland said it could lose about 400 million pounds (598 million dollars, 444 million euros).
France's Natixis investment bank, already brought low by subprime losses, put its maximum exposure at 450 million euros (606 million dollars). Retail banking giant BNP Paribas revealed potential losses of 350 million euros.
Japanese financial giant Nomura said it could lose up to 303 million dollars and officials in South Korea said financial institutions there had a total exposure of some 95 million dollars.
Madoff, a 70-year-old Wall Street veteran, was arrested on Thursday, and is alleged to have confessed to defrauding investors of 50 billion dollars in a scam that collapsed after clients asked for their money back due to the global financial crisis.
International Monetary Fund chief Dominique Strauss-Khan said he was shocked US regulators had failed to identify and prevent the fraud.
"The surprise is not that there are some thieves in the system, the question is where were the police? It's very surprising to find you're living in a system where a failure of the regulatory system was so big," he told a news conference in Madrid.
Banks have rushed to disclose potential losses in an apparent bid to avert any deepening of the suspicion which has frozen credit markets.
US authorities allege that Madoff delivered consistently strong returns to clients by secretly using the principal investment from new investors to pay out to other investors in what is known as a "pyramid fraud".
US Vice President Dick Cheney said in a radio interview that the alleged scam by the former chairman of the Nasdaq was "very disturbing" but blamed a few "bad apples."
"Unfortunately, we've always had some bad apples ... at the scene who just involve themselves in out-and-out theft, which I think is probably what happened here," Cheney said.
The scheme apparently worked as long Madoff he could attract new investors but seems to have unravelled when some of his clients asked to withdraw their investment -- only to discover that his seemingly brimming coffers were empty.
British investment fund Bramdean Alternatives Limited, which revealed it had put about 31.2 million dollars in Madoff's company, said the scandal 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.
Spain's El Pais newspaper reported the country's second-biggest bank, BBVA, could lose around 500 million euros in the scam .
Italy's biggest bank, UniCredit, said its exposure was around 75 million euros and one of its investment units may also have been indirectly affected.
Will they need 52 man years?
The guy who works on this project will also know....................... after 52 years.
Re: Why does GIC say "No Comment" on the Madoff 'Ponzi' Saga?
If Ho Ching did put in money into that Ponzi scheme, then she'd be no smarter than a chimpanzee.
And I'd wonder why S'pore has her as our PM's wife, when she's the CEO of an investment company who has no investment experience prior to joining Temasek?
Even the Chinese one has a CEO who has some experience in the western business world prior to joining that Beijing-owned and controlled investment company.
If Ho Ching did put in money into that Ponzi scheme, then she'd be no smarter than a chimpanzee.
And I'd wonder why S'pore has her as our PM's wife, when she's the CEO of an investment company who has no investment experience prior to joining Temasek?
Even the Chinese one has a CEO who has some experience in the western business world prior to joining that Beijing-owned and controlled investment company.
Re: Why does GIC say "No Comment" on the Madoff 'Ponzi' Saga?
sHE was an ENGINEER...right!!!!
sHE was an ENGINEER...right!!!!
Re: Why does GIC say "No Comment" on the Madoff 'Ponzi' Saga?
You all notice in the past 10 years a lot of banks in sinkiland prefer to hire engineer into banks? They must be regreting like fuck now.
You all notice in the past 10 years a lot of banks in sinkiland prefer to hire engineer into banks? They must be regreting like fuck now.
see how many secrets we donno about Temasek?
thanks to our indifferent attitudes towards the govt.
Re: Why does GIC say "No Comment" on the Madoff 'Ponzi' Saga?
She's making the decision? I tot she's the patsy....the old mafia boss is calling the shots...lol..
Ho Ching (Chinese: 何晶; pinyin: Hé Jīng) and the Chief Executive Officer of Temasek Holdings (over US$100 billion in assets and owned by Singapore's Ministry of Finance) and the wife of the Prime Minister of Singapore, Lee Hsien Loong (son of former Prime Minister Lee Kuan Yew). Ms Ho is also a Cantonese Singaporean.
Ms Ho graduated from the University of Singapore in 1976 with a Bachelor of Engineering (Electrical, First Class Honours) after completing her pre-university education at National Junior College where she emerged as a Student of the Year and was a President's Scholar. She graduated from Crescent Girls' School. She also holds a Master of Science (Electrical) from Stanford University, USA.[1] In 1995, Ms Ho was conferred the Distinguished Engineering Alumnus Award. She is also an Honorary Fellow of the Institution of Engineers, Singapore.
She is the eldest child of four children of retired businessman Ho Eng Hong and Chan Chiew Ping. In 17 December 1985, she married Lee Hsien Loong,[1] who later became Singapore's third Prime Minister in August 2004.
Ms Ho is Executive Director & Chief Executive Officer of Temasek Holdings.
She began her career as an engineer with the Ministry of Defence.[1] In 1987, she joined the Singapore Technologies group as Deputy Director of Engineering, and became its President and Chief Executive Officer before retiring in 2001. She later joined Temasek Holdings in May 2002.
http://en.wikipedia.org/wiki/Ho_Ching
She's making the decision? I tot she's the patsy....the old mafia boss is calling the shots...lol..
Ho Ching (Chinese: 何晶; pinyin: Hé Jīng) and the Chief Executive Officer of Temasek Holdings (over US$100 billion in assets and owned by Singapore's Ministry of Finance) and the wife of the Prime Minister of Singapore, Lee Hsien Loong (son of former Prime Minister Lee Kuan Yew). Ms Ho is also a Cantonese Singaporean.
Ms Ho graduated from the University of Singapore in 1976 with a Bachelor of Engineering (Electrical, First Class Honours) after completing her pre-university education at National Junior College where she emerged as a Student of the Year and was a President's Scholar. She graduated from Crescent Girls' School. She also holds a Master of Science (Electrical) from Stanford University, USA.[1] In 1995, Ms Ho was conferred the Distinguished Engineering Alumnus Award. She is also an Honorary Fellow of the Institution of Engineers, Singapore.
She is the eldest child of four children of retired businessman Ho Eng Hong and Chan Chiew Ping. In 17 December 1985, she married Lee Hsien Loong,[1] who later became Singapore's third Prime Minister in August 2004.
Ms Ho is Executive Director & Chief Executive Officer of Temasek Holdings.
She began her career as an engineer with the Ministry of Defence.[1] In 1987, she joined the Singapore Technologies group as Deputy Director of Engineering, and became its President and Chief Executive Officer before retiring in 2001. She later joined Temasek Holdings in May 2002.
http://en.wikipedia.org/wiki/Ho_Ching
Not all is indifferent!...but many still basking in the golden slumber...
"Golden slumbers fill your eyes
Smiles awake you when you rise
Sleep pretty darling do not cry
And I will sing a lullabye "
if you know who wrote the above
!Many are still hearing the lullaby, that they are in the golden slumber stupor in which they will never wake up!.
That's why the never ask!..and point finger at the Mad Hare of a CSJ..who ask "where is the money"...:p
There was a juggler who juggled to that tune :p
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LKY: I like corruption. Corruption is me.
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