Appropriately for his name, he has really Mad (e)off with his clients money. The list of his victims reads like the who is who in banking:
- Santander-one of the few strong European banks, has been buying up falling UK banks on the cheap
- BNP Paribas
- HSBC-May yet have to do rights issue if this carries on
- RBS- now knowns as UK National Bank
- Unicredit-Italian bank
- Nomura-now known variously as Lemura or Nohman after buying half of Lehman Brothers
- Man-One of the largest futures brokers and investment managers in the world
- Reichmuth & Co-Among other Swiss private banks that gave Madoff $4bn+
- Any self-respecting new yorker who was filthy rich and wanted hedge fund blagging rights
Its been the kinda of year that would make any self-respecting banker keep schtum about how he earns a living. The key learning for any stock market investor in anything apart from govt paper. Avoid anything you don't understand. If it looks like gold, glitters like gold-its still not gold...
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