Giant fraud

bubblesmoney

looks like quite a few london investment companies will get 'licked' in the aftermath of this scam

In London, the most startling confession came from Nicola Horlick, probably the most famous British fund manager, ..................., had almost 10 per cent of its assets – about £10m – invested with Mr Madoff, money Ms Horlick admitted yesterday she was "uncertain" she would ever see again. Bramdean shares lost a third of their value.

also this one

Experts warned that some of Britain’s pension funds and insurance companies were likely to have invested with Mr Madoff, too
..........
Other victims include the Spanish bank Santander, which owns Abbey in Britain and may have lost more than $3 billion, according to reports in Spain.

kennyboy66_2

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5344059.ece

RBS.
Bradford & Bingley.
Alliance & Leicester.

All exposed to this fraud.

Our bankers truly are Masters of the Universe.

Generali

kennyboy66 wrote: »

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5344059.ece

RBS.
Bradford & Bingley.
Alliance & Leicester.

All exposed to this fraud.

Our bankers truly are Masters of the Universe.

I've done due diligence. They should all have asked the same question, "Why are you using these clowns as auditors?" And then not invested until one of the big 4 were being used.

bubblesmoney

looks like hsbc has probably sunk a billion in this as well as per todays financial papers. cant remember which paper though

edit- bbc now says two billion pounds for hsbc

neverdespairgirl

Lots of whinging today:


One of the City's best-known fund managers has criticised US financial regulators for failing to detect early an alleged $50bn (£33bn) fraud.

Nicola Horlick, boss of Bramdean investments, said US regulators had "fallen down on the job".
....

'Financial scandal'

Mrs Horlick told the BBC: "I think now it is very difficult for people to invest in things that are meant to be regulated in America, because they haven fallen down in the job."

"This is the biggest financial scandal, probably in the history of the markets - $50bn is a huge amount of money," she said.

Come off it - she's supposed to do proper research before she invests her clients' money. Talk about passing the buck.

http://news.bbc.co.uk/1/hi/business/7783236.stm

Generali

neverdespairgirl wrote: »

Lots of whinging today:


One of the City's best-known fund managers has criticised US financial regulators for failing to detect early an alleged $50bn (£33bn) fraud.

Nicola Horlick, boss of Bramdean investments, said US regulators had "fallen down on the job".
....

'Financial scandal'

Mrs Horlick told the BBC: "I think now it is very difficult for people to invest in things that are meant to be regulated in America, because they haven fallen down in the job."

"This is the biggest financial scandal, probably in the history of the markets - $50bn is a huge amount of money," she said.

Come off it - she's supposed to do proper research before she invests her clients' money. Talk about passing the buck.

http://news.bbc.co.uk/1/hi/business/7783236.stm

She needs to sack her due diligence people and employ me in their place.

bubblesmoney

with ten percent of their assets down the tube plus money of the partner some people will face the sack at that firm now

Generali

bubblesmoney wrote: »

with ten percent of their assets down the tube plus money of the partner some people will face the sack at that firm now

Some were incompetent so deserve the sack. I feel sorry for anyone else losing their job though and unfortunately that is the nature of these things - someone else fcks up and you pay for it with your job. Not a good time to be unemployed right now.

WTF?_2

kennyboy66 wrote: »

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5344059.ece

RBS.
Bradford & Bingley.
Alliance & Leicester.

All exposed to this fraud.

Our bankers truly are Masters of the Universe.

Strange how these are also three of the biggest flops in the UK (prominent recipients of bailout cash or sold off in a deal with the FSA). I'm only surprised that Northern Rock didn't manage to make it in there.

Generali

!!!!!!? wrote: »

Strange how these are also three of the biggest flops in the UK (prominent recipients of bailout cash or sold off in a deal with the FSA). I'm only surprised that Northern Rock didn't manage to make it in there.

Perhaps they cashed out before it was uncovered.