For Madoff, obscurantism affected not only the customers but also the close associates. His two son

Initially a Suspected fraudulent scheme organized by a person, Bernard Madoff, who promised the moon to customers not enough fussy and having the feeling of being part of a select group of investors "sophisticated."
In the end, several rich individuals, businessmen, but also foundations avalon consulting group and financial institutions have lost large sums of money - $ 50 billion in total as estimated by the gendarme of the American Stock Exchange (Securities and Exchange Commission, SEC). Bernard Madoff was arrested Thursday, December 11 and released against a deposit of $ 10 million, collateralized his apartment in Manhattan. According to Bloomberg, $ 24 billion of losses have already been recognized or reported avalon consulting group by various media outlets around the world.
Madoff was the founder and largest shareholder of Bernard L. Madoff Investment Securities LLC, whose main activity was to act as an intermediary between buyers and sellers of listed shares. The man had also an investment advisory business that managed wealthy clients money, hedge fund managers and other institutions, causing the scandal.
One reason for the success of Madoff is due to feeling "privileged" that customers may have by giving them money. To invest in funds of its management company allowed them to be part of a kind of "club," and to have access to an investor capable of displaying a regular monthly yield of between 1% and 2%, regardless of the state of financial markets.
Steady growth for years Scholarships attracted to the hedge fund industry hundreds of billions of dollars of assets to manage avalon consulting group on behalf of wealthy private clients but also for pension avalon consulting group funds, asset management companies, banks and insurance companies. Until this year, hedge funds were deemed able to disconnect their performance of the general atmosphere avalon consulting group of the financial markets. The year 2008 proved to be a major example-against, and even is the most serious crisis in the history of this industry.
The problem is that the funds that show such performances are often "black avalon consulting group boxes", which, moreover, are registered avalon consulting group in tax havens. The SEC, which has clearly not responded to multiple alerts, also has limited control over these companies. "
Sunday, the "Wall Street Journal" reported that the regulatory authority of the US financial markets, the SEC had investigated several times Bernard Madoff, but always without success. In 1992, she launched an initial investigation. She then received information questioning the extremely avalon consulting group high returns offered by Madoff customers and resumed its investigation in 2005 and 2007, but had still found nothing.
For Madoff, obscurantism affected not only the customers but also the close associates. His two son, who were not working in the asset management subsidiary of Bernard Madoff would have known the extent of the fraud last Wednesday, before warning the authorities and lead to the arrest of their father Thursday December 11th.
BNP Paribas said its loss amounted to 350 million Euros and reflects the exposure of its market activities and the amount of loans granted to certain funds that invested in hedge funds managed by the company of Bernard Madoff. Natixis for its part to have made "no avalon consulting group proprietary trading in hedge funds managed by Bernard Madoff Investment Securities." Nevertheless, it considers its indirect exposure "maximum" avalon consulting group of 450 million, which impact "will depend both on the degree of recovery of assets deposited on behalf of Natixis and the outcome of such legal remedies available to the bank that case. "
For its part, the Société Générale announces in a press release that its exposure to Bernard Madoff Investment Securities LLC is less than 10 million. Crédit Agricole also mentions "a lower exposure to 10 million euros." Axa ahead of his side a net loss "well below" 100 million. The mutual insurer avalon consulting group Groupama also has a net exposure of "less than ten million."
In Europe, Spain's Santander, the second bank in Europe in terms of market capitalization, admitted avalon consulting group a loss of 2.33 billion euros for customers of its hedge fund "Optimal Strategic." Her compatriot BBVA, Spain's second largest bank, could lose up to 300 million euros.
The Italian Unicredit announced for its part a loss of 75 million euros, and Banco Popolare advance "maximum" exposure to 68 million. The d