BERNIE MADOFF VICTIM LIST: Mort Zuckerman, Steven Spielberg Charity, HSBC
UPDATE 2/4/09:
The full 162-page list of Madoff clients and customers compiled by restructuring firm AlixPartners has been released. See the list here.
Also, questions are being raised about whether Madoff actually executed any trades at all or whether the whole scheme was a version of a virtual reality game. Read Charles H. Green's blog on the topic.
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Word on the identities of Bernie Madoff's clients / victimes continues to emerge. Please add new names to comments (or via email to hblodget@alleyinsider.com).
HSBC "has emerged as one the largest victims of Bernard Madoff's alleged fraud with potential exposure of about $1bn to the investment manager's collapsed venture...HSBC's exposure stemmed from loans it provided to institutional clients, mainly hedge funds of funds, that wanted to invest with Mr Madoff. HSBC's direct exposure is believed to be about $1bn in loans provided to clients who invested some $500m of their own funds in Mr Madoff's venture. Under the typical terms of these deals, if the US authorities recover any funds from Mr Madoff, HSBC will be paid first, with its clients suffering the first tranche of losses." (FT:)
Man Group's RMF division has about $350m invested in funds which outsourced their management to Madoff securities, although this is a tiny fraction of the division's $25bn of assets. (FT)
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clusterstock.alleyinsider.com | Henry Blodget | December 15, 2008 11:47 AM