The Madoff scheme has cost investors billions here in the States. The Latin Business Chronicle reports that Banco Santander, headquartered in Madrid, had clients who lost $2.1 billion in relation with Madoff's alleged scheming. But how might this scheme affect Latin America?
The article offers an array of input. Santander was the largest finanicla group in Spain in Latin America, where the bank managed $200 billion in funds.
Also, many in Latin America probably invested with Madoff but are hesitant to file a suit against him in fear of facing their own countries' tax authorities, the article says.
One source said the Madoff losses should have no impact on the bank's "operating assets and capabilities," particularly if the bank can retain its client base.
Read more here about what advisers had to say.
Source: Latin Business Chronicle
Photo: Finfacsts.ie
Was it possible that Madoff pulled of the largest ponzi scheme in history alone? I think that is unlikely considering how much money was changing hands.
ReplyDeleteEventually somebody had to notice that the only money coming in was from investors.
Or were too many people simply blinded by their greed? If that is the case, Madoff’s employees and associates should have noticed that something fishy was going on long before now. Seventeen years is a long time.
http://www.weeklypoint.com/2009/02/06/how-many-people-knew-about-madoff-scandal/