Richard Madeoff
Richard Madoff
15 December 2008, 10:30 PM
#3
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i,d take some convincing (as i've thought for years) that the whole finance industry isnt one big pyramid scam
oh and while i,m at that the New Star Asset managment debacle wasnt a simple case of fraud
oh and while i,m at that the New Star Asset managment debacle wasnt a simple case of fraud
16 December 2008, 07:47 AM
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A story that the many Sun readers here might have missed. But a $50bn scam is almost unbelievable - sending customers statements showing what return they have "earned" rather than showing their total investment amount, and these investors fell for it?!! Banco Santander first among them. What were THEY doing investing $2bn in a high risk investment fund?? Whose good idea was that then? Just another nail in the reputation coffin that was once "banking"...
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16 December 2008, 10:12 AM
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They did yesterday when it was announced, but have recovered to a heady EUR 6.63 as we speak. So just over half their value of earlier this year - quite a result by banking stock standards.
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