USA Bankers do it again - 50 billion doller fraud

wellard · 12-15-2008, 08:34 AM

Just when you think the worlds banks would not fall into the trap of lending money to a USA financial institution they have ... bigtime!

from the BBC ....

Some of the world's biggest banks have revealed that they are victims of a fraud which has lost $50bn (£33bn).

Bernard Madoff (Mr Madoff is the former chairman of the Nasdaq stock exchange) has been charged with fraud in what is being described as one of the biggest-ever such cases.

Among the banks which have been affected are Britain's RBS, Spain's Santander and France's BNP Paribas.

One of the City's best-known fund managers has criticised US financial regulators for failing to detect the alleged fraud.

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

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.

* * * * * * *

# The Royal Bank of Scotland said on Monday it could potentially lose about £400m from the alleged fraud, if all its investments had to be written off

# Spain's largest bank, Santander, which also owns the UK High Street banks Abbey, Alliance & Leicester and Bradford & Bingley, said one of its funds had $3.1bn invested in the firm run by Bernard Madoff

# France's BNP Paribas estimated its exposure to be more than $460m

# The French bank, Natixis, a subsidiary of Caisse d'Epargne and Banque Populaire, said it could potentially lose up to 450m euros (£402m; $605m)

# Spain's second-largest bank, BBVA, said it could potentially lose 300m euros ($400m)
http://news.bbc.co.uk/2/hi/business/7783236.stm

Who in the USA government has been regulating these financial institutions and can we jail him for gross neglect?

dplax · 12-15-2008, 08:39 AM

You know what is ridiculous...the guy steals 50bn and then is released on 10m bail...He'd be able to pay his bail 5000 times...

And get this...if convicted he'd pay a fine of a whopping 5 million. 1 ten thousandth of what he stole.

wellard · 12-15-2008, 08:44 AM

Quote:

Originally Posted by dplax

You know what is ridiculous...the guy steals 50bn and then is released on 10m bail...He'd be able to pay his bail 5000 times...

And get this...if convicted he'd pay a fine of a whopping 5 million. 1 ten thousandth of what he stole.

It's a joke, a sad one Dplax. Why is he even out on bail? If someone damages the security of the USA in a military way they would rot in jail with no bail or parole, this guy and whoever regulates the markets should be in jail for treason.

dplax · 12-15-2008, 10:58 AM

You steal a small amount, you get a fine which is way above what you stole and possibly jail time.

You steal billions your fine is a fraction of what you stole...and I'd wager that the guy will never go to jail because of his advanced age causing medical problems...

Something's pretty messed up...

Raistlin Majere · 12-15-2008, 11:24 AM

That's just wrong on so many levels =/

DrowArchmage · 12-15-2008, 01:29 PM

I say we hang him.
Or we could have a BATTLE ROYAL!!!!

12-15-2008, 08:34 AM	#1
wellard Dracolisk Join Date: November 1, 2002 Location: Australia ..... G\'day! Posts: 6,123	USA Bankers do it again - 50 billion dollar fraud Just when you think the worlds banks would not fall into the trap of lending money to a USA financial institution they have ... bigtime! from the BBC .... Some of the world's biggest banks have revealed that they are victims of a fraud which has lost $50bn (£33bn). Bernard Madoff (Mr Madoff is the former chairman of the Nasdaq stock exchange) has been charged with fraud in what is being described as one of the biggest-ever such cases. Among the banks which have been affected are Britain's RBS, Spain's Santander and France's BNP Paribas. One of the City's best-known fund managers has criticised US financial regulators for failing to detect the alleged fraud. Nicola Horlick, boss of Bramdean investments, said US regulators had "fallen down on the job". 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. * * * * * * * # The Royal Bank of Scotland said on Monday it could potentially lose about £400m from the alleged fraud, if all its investments had to be written off # Spain's largest bank, Santander, which also owns the UK High Street banks Abbey, Alliance & Leicester and Bradford & Bingley, said one of its funds had $3.1bn invested in the firm run by Bernard Madoff # France's BNP Paribas estimated its exposure to be more than $460m # The French bank, Natixis, a subsidiary of Caisse d'Epargne and Banque Populaire, said it could potentially lose up to 450m euros (£402m; $605m) # Spain's second-largest bank, BBVA, said it could potentially lose 300m euros ($400m) http://news.bbc.co.uk/2/hi/business/7783236.stm Who in the USA government has been regulating these financial institutions and can we jail him for gross neglect? __________________ fossils - natures way of laughing at creationists for over 3 billion years Last edited by wellard; 12-15-2008 at 04:12 PM. Reason: spelling -trying to correct the dollar /doller in the title

12-15-2008, 08:39 AM	#2
dplax Jack Burton Join Date: July 19, 2003 Location: an expat living in France Age: 40 Posts: 5,577	Re: USA Bankers do it again - 50 billion doller fraud You know what is ridiculous...the guy steals 50bn and then is released on 10m bail...He'd be able to pay his bail 5000 times... And get this...if convicted he'd pay a fine of a whopping 5 million. 1 ten thousandth of what he stole. __________________

12-15-2008, 10:58 AM	#4
dplax Jack Burton Join Date: July 19, 2003 Location: an expat living in France Age: 40 Posts: 5,577	Re: USA Bankers do it again - 50 billion doller fraud You steal a small amount, you get a fine which is way above what you stole and possibly jail time. You steal billions your fine is a fraction of what you stole...and I'd wager that the guy will never go to jail because of his advanced age causing medical problems... Something's pretty messed up... __________________

12-15-2008, 11:24 AM	#5
Raistlin Majere Ra Join Date: March 26, 2002 Location: Finland Age: 37 Posts: 2,323	Re: USA Bankers do it again - 50 billion doller fraud That's just wrong on so many levels =/ __________________ If the radiance of a thousand suns were to burst forth at once in the sky, that would be like the splendor of the Mighty One. "I am become death, the destroyer of worlds."

12-15-2008, 01:29 PM	#6
DrowArchmage Mephistopheles Join Date: July 29, 2004 Location: Mt. Pleasant, MI Age: 34 Posts: 1,400	Re: USA Bankers do it again - 50 billion doller fraud I say we hang him. Or we could have a BATTLE ROYAL!!!! __________________ "Love is an odd thing, as odd a thing there is" -al'Lan Mandragoran, Last Lord of the Seven Towers

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