I find it hard to believe that Bernard is the only one who knew about his Ponzi scheme. Mr. Madoff, you need to start naming names and you ALL need to go to jail.
LONDON (CNN) — Some of the biggest and best-known names in global finance are calculating they may have lost nearly $3 billion in an alleged $50 billion “pyramid scheme” that led to the arrest of a New York financier last week.
HSBC, one of the world’s largest banking groups, could lose $1 billion, it announced Monday.
The Royal Bank of Scotland (RBS) told CNN its hedge funds had exposure of up to 400 million British pounds ($600 million) to funds managed by securities broker Bernard Madoff.
France’s BNP Paribas (BNPQ.Y) said Sunday its maximum potential loss was about 350 million euros ($468 million).
Spain’s Banco Santander (STD) said it had a direct exposure of 17 million euros ($23 million) while clients of its hedge funds had 2.33 billion euros ($3.1 billion) at risk in Madoff’s firm. Spain’s second-largest bank, BBVA (BFR), said it could lose up to 300 million euros ($404 million).
Japan’s Nomura (NMR) on Monday said it had 27.6 billion Japanese yen ($303 million) of exposure, but that the impact on its capital would be limited.
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