Banks hit worldwide by US 'fraud'

[tismyself]

Source: BBC News

Some of the world's biggest banks have revealed they are victims of an alleged fraud which has lost $50bn (£33bn).

Bernard Madoff, who was arrested on Thursday, has been charged with fraud in what is being described as one of the biggest-ever such cases.

Among the banks that have been hit are Britain's HSBC and RBS, Spain's Santander and France's BNP Paribas.

Other victims include film director Stephen Spielberg's Wunderkinder Foundation charity.


Read more: http://news.bbc.co.uk/2/hi/business/7783236.stm

[PDJane]

1. between that fraud and the derivatives scandal,

The US is piling up some serious Karma.

[DJ13]

2. Millions of Americans hit by US 'fraud' called the "NYSE"

Why is is only a crisis when the rich lose money?

[tismyself]

3. Isn't that the damned truth.

[FlaGranny]

5. Sorry, it's not

only the rich. It is Mr. and Mrs. average American and their retirement funds too. My 78-year-old co-worker (yes co-worker!!) has lost about half her IRA. She may be my 86-year-old co-worker in 10 years.

[ContraBass Black]

7. "...78-year-old....may be ...86-year-old...in 10 years."

Or, she could sell her fountain of youth/time dilation secret and retire now.




:P

[pipoman]

6. I fully agree with FlaGranny

Most retired people are not rich, they have small retirement accounts which (used to) provides enough income to keep them from being destitute. My mother is one of them. She has been earning $10,000 per year, when coupled with her social security of $6,000 per year makes it possible for her to pay her medicare supplement insurance premium, house insurance, food, and what little gas she uses...nothing extra. She has lost 1/3 of her savings and maybe more. I don't know how she will survive. Without the bail out she would be down by at least 2/3.

[quidam56]

4. Lie, Fraud, Cheat, Steal,Pilfer, Plunder, Destroy.... It's the American way now

www.wisecountyissues.com