Big U.S. banks spared exposure to Madoff scheme?
The list of charities, hedge funds and banks that have been hit by the alleged Bernie Madoff Ponzi scheme--$50 billion still boggles the mind--seems to be growing. But Fortune notes that top U.S. banks seem to have been spared. In its earnings release, Goldman Sachs did not note any exposure, but we have yet to see any announcements from Bank of America, Citi, JPMorgan and others. They may have dodged a bullet. The biggest bank losers seems to be European, notably HSBC, which said its losses may be in the $1 billion range.
For more:
- here's the Fortune article
Related Articles:
Bernie Madoff news from FierceFinance
Comments