InfoAnda - Top banks face billions in global losses from Madoff scandal

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Lagerfeld undresses Greek gods for Pirelli calendar | 1 December 2010
A parent's dilemma: a child with ties to terrorism | 11 December 2009
Colombia's two biggest rebel groups say may unite | | 17 December 2009

ConAgra Recalls Marie Callender's Chicken Products Due To Possible Salmonella Contamination | 18 June 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Top banks face billions in global losses from Madoff scandal

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Top banks face billions in global losses from Madoff scandal AFP - 2 hours 25 minutes ago LONDON (AFP) - - Top banks in Europe and Asia revealed on Monday they could lose billions of dollars in a massive alleged pyramid investment fraud scam run by Wall Street figurehead Bernard Madoff. British, Japanese, South Korean, French and Spanish banks were among the worst affected, with Royal Bank of Scotland saying it could lose about 400 million pounds (450 million euros, 600 million US dollars) as a result of the scam. Shares in Spain's Santander bank plunged some five percent in early trading on Monday after the lender said that one of its funds had exposure of more than three billion dollars to the scandal-hit firm Madoff Investment Securities. French Natixis bank, already brought low by subprime losses, put its maxiumum potential exposure at 450 million euros. Japanese financial giant Nomura said it could lose up to 303 million dollars and officials said South Korean financial institutions including an insurer and six asset management firms had a total exposure of 95.1 million dollars. Madoff, a 70-year-old Wall Street veteran who was arrested on Thursday, is alleged by US prosecutors to have confessed to defrauding investors of 50 billion dollars in a long-running scam that collapsed as a result of the financial crisis. The Securities and Exchange Commission in Washington alleges that Madoff delivered consistently strong returns by secretly using the principal from new investors to pay out to other investors in the scheme, a version of what is known as "pyramid fraud". The scheme apparently worked as long as he could attract new investors but seems to have unravelled when some of Madoff's clients asked to withdraw their principal -- only to discover that his seemingly brimming coffers were empty. British investment fund Bramdean Alternatives Limited, which had put around 31.2 million dollars in Madoff's company, said in a statement that 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. Britain-based hedge fund manager Man Group said it had invested 360 million dollars in Madoff Securities. The fund said in a statement that "it appears that a systematic and comprehensive fraud may have been committed." Meanwhile Britain's HSBC declined to comment on a report in the Financial Times that it had potential exposure of 1.5 billion dollars. A spokesman for HSBC in Hong Kong said he had "no comment" to make on the report. Spain's El Pais newspaper reported that the country's second-biggest bank, BBVA, could lose hundreds of millions of euros in the scam. The report said "some managers put the figure at around 500 million." French investment bank Natixis said it could lose up to 450 million euros after retail banking giant BNP Paribas earlier said it had risk exposure trough funds of hedge funds that could lead to a loss of up to 350 million euros. Italy's biggest bank, UniCredit, said on Monday that its exposure was around 75 million euros but added that an investment unit Pioneer Investments may also have been indirectly affected without giving any further details. In Switzerland, Geneva private banks could lose up to five billion dollars (3.7 billion euros) in the scam, Swiss newspaper Le Temps reported. The Union Bancaire Privee alone "risks losing at least a billion," the report said. UBP declined to comment on the report. Swiss investment bank UBS meanwhile said its exposure in the scam was "limited and insignificant" while Credit Suisse said it had no "material" exposure. Germany's Deutsche Bank and Commerzbank have declined to comment on the effects of the Madoff scam. A spokesman for Commerzbank told AFP that there would be no comment on investments because of "banking secrecy." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo People exit a building that houses the investment business Bernard L Madoff Investment Securities in New York City. Top banks in Europe and Asia have revealed they could lose billions of dollars in a massive alleged pyramid investment fraud scam run by Wall Street figurehead Bernard Madoff. Most Popular – Top Stories Viewed Actress Jennifer Aniston appears naked in GQ magazine Queen Elizabeth II reins in extravagance as credit crunch grips White House: no action on auto bailout while Bush in Iraq Russia crowned Miss World 2008 in African event Fortis bank, saved from collapse, again on shaky ground View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Monday, 15 December 2008
Defence Minister Teo outlines strategies for dealing with security challenges
Bulgaria to host its first comprehensive Picasso exhibition
Parliamentary vote starts in gas-rich Turkmenistan
Mumbai attackers more tech savvy than the police
Sri Lankan air force bombs rebels in north
Madonna to get Brazil 'Sticky and Sweet' as tour wraps up
Protester killed during voting in Indian Kashmir
In a crisis, even discounters give discounts
Winslet, Law and Owen to lead line-up at Berlin film fest
Web site: Tamil rebels kill 89 Sri Lankan soldiers
Former Thai PM supporters gather for rally
Finance Minister says many jobs still available despite weak economic outlook
Boys’ Brigade Sharity Gift Box project falls short of target by about 60%
Committee on workplace health formed to bring down sickness
China, Japan, SKorea seek resumption of NKorea talks
Businessman gets six months jail for tax evasion
Smoking ban to be extended to all indoor public places by Jan 2009
Businesses receiving fire hazard warnings more than double last year’s
Djembe African drums catch on in Singapore
Subsidised training for S’porean professionals switching to healthcare jobs
Back briefly, Amy Poehler bids 'SNL' viewers adios
Cruise ships still making way to S’pore, despite tough economic times
`Day the Earth Stood Still' launches to $31M debut
Bangladesh court orders parents to free UK doctor
Charlie Sheen's daughters unhurt in LA car crash
AP IMPACT: Pakistan offensive shows slow success
NZ regulator to prosecute airlines for price fixing
Australia fast-tracks renewable energy funding
Keanu Reeves sci-fi movie sweeps North America box office
Three years after beach race riots, art bridges Sydney divide
Pakistan share price floor set to go on Monday
Analysis: Bush's Iraq trip highlights war unwon
Hamas leaders say will not extend Gaza truce | International |
Snow, rain storms trigger blackouts, travel chaos in France
Huge crowds gather in Gaza for Hamas anniversary
Russian police arrest 150 at opposition protests
Crews struggle to restore power after ice storm slams northeast US
Nations launch offensive against Uganda LRA rebels | International |
European banks suffer new hit from Madoff scandal
US military deaths in Iraq war at 4,209
Pakistan steps up its offensive against militants
Shoe attack on Bush mars farewell Iraq visit
Australia fast-tracks renewable energy funding
Britain promises more anti-terror aid to Pakistan
Japanese business confidence falls fastest in three decades
Obama left with little time to curb global warming
Telstra says dumped from A$10 bln broadband plan
Bush says Iraq task 'difficult but necessary'
S.Korea c.bank to supply 6.5 trln won this week
Malaysia's I-Bhd to ink Capitaland deal-paper
Bush meets Iraqi president in Baghdad
S.Korean won rises nearly 3 pct early, KOSPI jumps
Number of NKoreans increased at Seoul-funded estate
Seoul shares gain helped by US auto bailout hopes
Swissport says may shut ops at Singapore's Changi
First model of Japan's bullet train runs for final time
Singapore's Parkway says to cut staff, salaries
New Zealand services sector dips in November-survey
Oil-rich Angola launches direct flight to China
OPEC divisions again on display heading to Algeria
A mean green ogre named Shrek moves to Broadway
Zimbabwe publishes law for unity government | International |
American Idol changes its tune a little | Entertainment |
Earth spins Keanu Reeves to No. 1 at box office | Entertainment |
Stone Temple Pilots and Offspring highlight KROQ show | Entertainment |
Fishburne enjoys memorable first day on CSI job | Entertainment |
Torino and Che solid in limited release | Entertainment |
Taiwan, China launch direct shipping links
Ferry capsizes in Philippines, drowning 22
'Dark Knight,' 'Milk' make AFI film list
S’pore captures maiden win in Pro—Tour GrandFinals
Diaz: Don't count on seeing me in 'Shrek' musical
Direct daily flights start between China-Taiwan: state media
Australia calls for 5-to-15 pct pollution cut
Thai Parliament to choose on new prime minister
Thai lawmakers to vote for new prime minister
Opposition poised to take power
Australia to cut polluttion 5 pct to 15 pct
50 dead or missing as ferry capsizes in Philippines
Ferry capsizes in Philippines, drowning 22
Japan destroyer collides with small boat: coast guard
RPT-GLOBAL MARKETS-Asia stocks up on fresh US auto bailout hopes
SKorea's Lee says still planning to give away wealth
Singapore final Q3 jobless rate steady at 2.2 pct
Thai opposition poised to take power
WHO: Vietnam's helmet law saves lives
Thai opposition leader nets votes to take power
China probing 27 cases of melamine-tainted animal feed: state media
No-show Queen of Soul pipes up at benefit concert
Bush: Iraq war is not over, more work ahead
Thai opposition leader wins majority in PM vote: AFP tally
Thai parliament starts voting for new PM
ASEAN charter comes into force
Opposition party leader becomes new PM of Thailand
'Survivor' respects its elders in season finale
AP critics pick top films of 2008
Leno decision shows retreat from 10 p.m. dramas
China transport links to help spur Taiwan economy
Owners of Mumbai's Taj hotel set up victims' trust fund
Bush warns of long struggle on surprise Afghanistan visit
Hamas leaders say will not extend Gaza truce | International |
Bush makes stop in Afghanistan to rally troops
Crews struggle to restore power in ice-covered US northeast
Bush arrives in Kabul for talks with Karzai
European banks suffer new hit from Madoff scandal
Christian missionaries stir unease in north Africa | International |
Karzai says Afghanistan, Britain facing common threat
New Thai prime minister faces immediate protests | International |
Iraqi justice system falls short: report | International |
North Korea's Kim trying to test the process: Bush | International |
Tokyo police bust child porn ring: official
Thai opposition leader becomes prime minister
Australia to cut pollution 5 to 15 percent by 2020
Rice makes 11th-hour Mideast, Zimbabwe, Somalia foray at UN
ASEAN meets to launch charter creating new bloc | International |
China's industrial output continues to slow in November: govt
ASEAN charter comes into force
Chinese reporter chasing corruption claims disappears | International |
Australia to cut greenhouse gas emissions by five percent by 2020
Afghan reporters keep shoes on for Bush
Boss of Egyptian firm in cellphone venture arrives in NKorea: media
Eurex to list KOSPI options futures-Korea Exchange
UN chief visit would help Myanmar: EU envoy
Google wants fast track for its content: WSJ | Technology |
Pakistan c.bank sells 21.3 bln rupees of T-bills
Malaysia plans new panel to probe errant judges
S.Korea says to spend $10 bln on rivers over 4 yrs
Japanese Nobel winner says will bury medal
Seoul shares end up 5 pct; autos, builders rally
China's industrial growth slows further
Oil higher in Asia on expectations of OPEC production cut
Oil higher in Asia on expectations of OPEC production cut
China's president warns of 'grim' job market: state media
Oil rises to $47 as OPEC prepares production cut
Despereaux a dreary mouse tale | Entertainment |
Dark Knight, Iron Man among AFI's top films | Entertainment |
A Yes vote for new Jim Carrey comedy | Entertainment |
Leno on a roll as Tonight time dwindles | Entertainment |
Earth stands tall at overseas box office | Entertainment |
Recession fears not hampering Xmas luxury food shops in Britain
NEA study: Theaters vulnerable during recession
Tricks of the trade: the illusion of the costume
Singapore Oct retail sales fall s/adj 2.1 pct
Bush makes stop in Afghanistan to rally troops
Thai opposition leader becomes prime minister
Bush: World must be 'firm and patient' on NKorea
New Thai PM wants ASEAN summit in February
SKorea to build centre for Vietnam's Agent Orange victims
Australia to cut greenhouse gas emissions by five percent by 2020
Rare shooting leaves 6 dead in northern Vietnam
Sri Lanka says fighting rages with rebels
China to investigate cases of tainted animal feed
Eric Tsang entertainment business fails
Sequel to 'The Phantom' to be filmed in Australia
Yu Tian bids goodbye to singing
Andy Lau's Singapore Concert Brings High Energy Performance On and Off Stage
Vivian Chow ends 19 years relationship with Joe Nieh
Seoul: No decision on halting energy aid to NKorea
Singapore’s labour market slows, total unemployment grew by 55,700 in Q3
Malls haven’t cut back on festive decor despite gloomy economic outlook
Cambodian king names half-brother as chief advisor
Media reports: NZ diplomat faces Fiji expulsion
New anthem may drop 'Turkmenbashi' references
Election of new Thai PM a sign of strong democracy: ASEAN chief
New Thai PM in for 'roughest ride'
Russian-led grouping declares Turkmen vote fair
Israel releases Palestinians prisoners
Iraqi shoe-throwing reporter becomes the talk of Iraq | International |
Three Germans kidnapped in Yemen
Iraqis protest for release of journalist
Protest staged outside Greek court, rallies planned | International |
Russian warships bound for Cuba in new show of strength
OPEC set to cut oil output as demand drops
Iraqi police: suicide bomber kills 5 near Baghdad
Mumbai attackers stole credit cards, money: police | International |
Bush laughs off Iraq flying shoes drama
Palestinians celebrate release from Israeli jails | International |
Top banks face billions in global losses from Madoff scandal
Seven Yazidis killed in Iraq attack
Israel warned against halting cash flow to Gaza
Mystery grows over general's slaying in Pakistan | International |
Pakistan hauliers refuse to take supplies to Afghanistan
UN urges Iraq to treat Saddam-era officials fairly
Zimbabwe accuses Botswana of training insurgents | International |
Bush's Iraq-Afghan farewell tour marred by dissent
Up to 250 killed in Darfur tribal clashes: peacekeepers | International |
Impoverished NKorea gets new mobile network
Keppel Corp wins $81 mln in environmental deals
Arab world hails shoe attack as Bush's farewell gift
Ugandan soldiers move on rebel bases: army | International |
Pakistan stocks down after floor removed
Highlights of new ASEAN Charter
Taiwan c.bank to let ADB issue Taiwan-dollar bonds
Time Warner raises stake in Eidos | Technology |
Russian-led grouping declares Turkmen vote fair
Impoverished NKorea getting new mobile network
Lung cancer pill as effective as chemotherapy in managing disease
Virgin Media rolls out superfast broadband | Technology |
HK stocks rise after China moves to boost spending
S’pore, Gulf states sign FTA, recognise MUIS Halal certification
Pakistani stocks fall after price floor removed
S’pore, Macao renew ongoing collaboration in healthcare
Taiwan Stabilization Fund to monitor stock market
Singapore, GCC sign pact to boost trade, investments
OPEC set to cut oil output as demand drops
Confidence plunges at Japanese companies
Oil up sharply near $49 as OPEC readies output cut
Russia LUKOIL says no Repsol talks, keen on OPEC cuts
US auto woes spell troubles for Japanese as well
American Idol changes its tune a little | Entertainment |
GLOBAL MARKETS-World equities rise, oil wobbles ahead of OPEC
Earth spins Keanu Reeves to No. 1 at box office | Entertainment |
Oil steady near $46 as OPEC prepares output cut
Oscar documentary shortlist favors social issues | Entertainment |
Slumdog, Happy top Satellite nods | Entertainment |
Man shoots at rappers over cranky old man lyrics | Entertainment |
SNL is criticized for 'attack' on blind Americans
S.Korea c.bank to supply $1 bln in 3-mth swaps
Gov't: 40 Taliban killed in Afghan-NATO operation
Full—day bus lanes to be extended to three locations
Bush's Iraq-Afghan farewell tour marred by dissent
ASEAN charter comes into force
Japan begins withdrawing Iraq airlift mission
World Bank: China focus on itself can aid world
Impoverished NKorea gets new mobile network
Franklin show goes on after she misses award event
Pakistan truckers refuse to haul NATO, US supplies
Cruise says he regrets 'glib' outburst on 'Today'
More signing up for accounting courses despite financial turmoil
PM Lee congratulates China’s Hu on the country’s 30 years of reform
Correction: Italy-La Scala story
Report: McCartney says he's the political Beatle
Mich. 'Extreme Makeover' family gets financial aid
Russian-led group declares Turkmen vote fair
More than 1,000 species discovered in Mekong: WWF
Deaf 'Extreme Makeover' couple gets financial aid
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01