Madoff $50 Billion Hedge Fund fraud

Santander
#1

What do people think of this - http://news.bbc.co.uk/2/hi/business/7779442.stm ?

It seems unbelievable that so many huge organisations could get caught up in it - (see http://www.ft.com/cms/s/0/7fb3781a-cae0-11dd-87d7-000077b07658.html) - for example Santander group could have as much as 2.3 Billion euros exposure. Isn’t the job of bank’s to investigate the people they invest their money in?

Has anyone used this as a [[commercial awareness]] issue at interview yet?

#2

This really is a perfect case of the SEC getting caught with their thumbs up their arses.

It’s interesting to see the media pointing fingers at hedge funds, where as this operation actually wasn’t a hedge fund. I’ve read stories in the news that Madoff had an unmarked office to which only three staff members had access; probably the place where he did his bidding?

#3

I was stunned when I read this… great timing as well… was this not a hedge fund? Could anyone clarify what it is?