Monday, December 6, 2010

Madoff Had Lots of Help in Ponzi Scheme

The Trustee responsible for dealing with the Madoff Ponzi Scheme filed suit against a major UK bank (HSBC) for aiding and abetting the scheme. The Trustee hopes to recover $9B from HSBC for its contributions to Madoff's fraud. This is not good news for HSBC whose reputation has been damaged by its losses from its real estate investments. They may be able to avoid paying the $9B but the discovery process is bound to reveal things that they would rather keep from the public and from the UK government which bailed them out.

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