Bank's Exposed To Madoff Scheme, Revealed
MADOFF WEIGHS ON MARKET
Banks and investment funds around the world lined up on Monday to disclose they invested billions of dollars in companies controlled by Bernard Madoff, who is accused by U.S. authorities of masterminding a massive fraud.
In breaking news, CNBC’s Michelle Caruso Cabrera reports that Tremont Capital says 7% of their assets were exposed to Madoff.
Earlier in the day we learned that Britain's HSBC Holdings was the latest bank to join the growing list, saying it had exposure of around $1 billion, making it one of the biggest victims of the alleged $50 billion fraud.
Royal Bank of Scotland and Man Group in the United Kingdom, Japan's Nomura Holdings and France's Natixis also said they were hit by the worldwide scandal.
In the United States, no major publicly traded banks have said they were exposed. But Sterling Equities, which owns the New York Mets professional baseball team, acknowledged it had accounts managed by Madoff.
Find out what Karen Finerman has to stay about the scandal in Monday's Web Extra.
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Trader disclosure: On Dec. 15th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (WMT), (SDS), (MCD); Najarian Owns (FCX), (RDC); Najarian Owns (BMY) Calls; Najarian Owns (NUE) And Is Short (NUE) Calls; Najarian Owns (UYG) And Is Short (UYG) Calls; Finerman's Firm Owns (AET), (DSX), (MSFT), (DVN), (APC); Finerman's Firm Is Short (VNO), (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (USO); Seygem Asset Management Owns (FXI); Seymour Owns (AAPL), (BAC), (F), (MER), (TSL), (CCJ); Seymour Owns Shares Of Uranium One, Inc.
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