Fallout spreads from alleged $50 billion fraud by Madoff

12/16/2008 | Financial Times (free content) · Wall Street Journal, The · BBC

More banks are revealing exposure to Bernard Madoff's failed venture, and hedge funds are bracing for jittery clients to make withdrawals as fallout from the alleged fraud spreads. Large financial institutions, including HSBC, BNP Paribas, Royal Bank of Scotland, Fortis and Santander, reported a combined $10 billion in losses. The situation also raised questions about the funds of hedge funds' business model.

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Financial Times (free content) · Wall Street Journal, The · BBC

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