Submitted on Monday 15th December 2008
What the Dickens Mr Madoff
RBS today announced that the bank has been exposed to losses from funds invested with Bernard L Madoff Investment Securities LLC
It is thought that RBS may lose £400m and that HSBC may lose £500m as a result of their involvement with the allegedly fraudulent scheme
The fraud seems to have involved paying off one lot of investors with money raised by another group#
Mr Madoff has been arrested
Fans of the BBCs version of Little Dorrit may draw parralels with Mr Merdle who commits suicide after perpetrating a very similar fraud. Expect more Dickensian tales of money and poverty to cheer us through recession.
