Europe Got Duped By Madoff Too - by Parmy Olson
Europe's banks have admitted to investing in Wall Street's funny-money manager and are bracing themselves for losses.As the world recoiled at the size and simplicity of Bernard Madoff's fraud, banks in Europe were one by one admitting to potentially being on the hook for millions through their exposure to the Wall Street money manager's scheme. HSBC, Royal Bank of Scotland and Banco Santander are some of the most exposed lenders, in some cases having indirectly invested in Madoff's funds through hedge funds, or directly through a private banking arm. Since news of his fraud broke last Thursday, banks have been scrambling to calculate their exposure to his firm and are now waiting for receivers to provide further information on the total value of assets in Madoff's portfolio.
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