Bernard Madoff: European banks involved in yet another money scandal...

Two months after being hammered by the collapse of Lehman Brothers, banks and investment funds in Europe are trembling in the face of the massive fraud allegedly perpetrated by New York broker Bernard Madoff.

Private European banks and investors specialised in the placement of high-risk hedge funds could have exposure of up to several billion dollars in the scandal.

Madoff was arrested on Thursday for allegedly defrauding his customers through a giant pyramid scheme, with prosecutors alleging that the 70-year-old, a decades-long veteran of Wall Street, confessed to losing at least 50 billion dollars in the so-called Ponzi scheme. More...

See also:

1. The Bernard Madoff scam: Top investors 'hit by $50bn con...'
2. Credit Suisse loses Sfr.3bn, to cut 5300 jobs...
3. Lehman Bros head took home $300m!!!