WORLD> America
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WORLD> America
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Alleged Madoff fraud has worldwide exposure
(Agencies)
Updated: 2008-12-16 09:59 They join a list of more powerful investors that have come forward, all worried about the extent of their losses. The roster of names include the Steven Spielberg charity, the Wunderkinder Foundation; New York's Yeshiva University, former Philadelphia Eagles owner Norman Braman, New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services, among others.
HSBC, Britain's largest bank, said a "small number" of its institutional clients had a total of about $1 billion in Madoff funds. The extent of the potential damage prompted a leading fund manager in London to lash out at US regulators for failing to detect the fraud earlier. "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," Nicola Horlick, the manager of Bramdean Alternatives, which has 9 percent of its funds invested in Madoff's scheme, told the British Broadcasting Corp. "All through the credit crunch this has been apparent," Horlick added. "This is the biggest financial scandal, probably, in the history of the markets."
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