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Größter Betrug in der Geschichte reißt weitere Finanzlöcher bei europäischen Banken auf
Ralf Streck
16.12.2008

Spanien ist besonders betroffen, deutsche Banken wollen keine großen Investitionen gemacht haben.

Der Mega-Betrug des ehemaligen US-Börsenchefs Bernard Madoff, der bisher auf 50 Milliarden Dollar beziffert wird, dürfte wohl zu etwa 20 % in Europa hängen bleiben. Bisher räumten diverse europäische Institute hohe Verluste ein, weil sie direkt oder indirekt in Produkte von Madoff investiert haben. Deutsche Banken und Versicherungen sind mit Angaben bisher zurückhaltend und behaupten zumeist, keine signifikanten Investitionen bei Madoff getätigt zu haben.

Spanien ist vom Mega-Betrugssystem des Bernard L. Madoff offenbar in Europa das am stärksten betroffene Land. Schon jetzt hat die spanische Großbank Banco Santander eingeräumt, mit einem Investmentfonds im Umfang von 2,33 Milliarden Euro bei Madoff engagiert gewesen zu sein.

Der war einst maßgeblich am Aufbau der US-Technologiebörse Nasdaq beteiligt und war zeitweise ihr Verwaltungsratsvorsitzender, weshalb er an der Wall Street als Legende galt. Er wurde am vergangenen Wochenende in New York verhaftet, weil er mit einem Schneeball-System die Kunden um ihr Geld gebracht habe. Die versprochenen hohen Zinsen wurden nach dem Ponzi-Trick mit dem Geld neuer Kunden bezahlt, denn Gewinne gab es keine.

Madoff hat eingeräumt, es habe es sich um "eine einzige große Lüge" gehandelt, gaben die Ermittler bekannt. Er wurde gegen eine Kaution von 10 Millionen Dollar inzwischen wieder auf freien Fuß gesetzt, obwohl ihm eine Gefängnisstrafe von bis zu 20 Jahren droht. Ein Gericht in New York hat dem Antrag auf Auflösung seiner Wall-Street-Firma zugestimmt und einen Treuhänder bestimmt, wie es die Anlegerschutzorganisation SIPC beantragt hatte. Es sei angesichts des Betrugsumfangs sehr unwahrscheinlich, dass Vermögenswerte gerettet werden könnten, erklärte SIPC-Chef Stephen Harbeck.

Mehr Urlaub pro Tag!Sommer unter der Mitternachtssonne – entdecken Sie Norwegen!4,5% für Citibank FestgeldFür alle, die schneller als geplant mehr aus ihrem Geld machen wollenBritische PolicenTop Renditen von bis zu 12,4% und ausgezeichnete Bewertungen mit Britischen Policen.

Die Banco Santander, deren Namen nun im Rahmen von Finanzproblemen immer öfter auftaucht gab am Montag zu, ihr Engagement bei Madoff belaufe sich auf über 2,3 Milliarden Euro. Gut 2 Milliarden Euro hätten institutionelle Investoren und Private-Banking-Kunden in dem Hedgefonds "Optimal Strategic" investiert. Weitere 320 Millionen Euro gehörten anderen Santander-Private-Banking-Kunden, die von etwa 1000 Reichen in Spanien stammten. Weitere 17 Millionen soll die Bank an eigenen Geldern bei Madoff versenkt haben. Das Geld der Santander sei über "Optimal Multiadvisors" gemanagt worden, die ihren Sitz in Irland hat. Optimal hat zugelassen, dass Madoff einen Unterfond mit dem Namen Optimal Strategic US Equity managt, erklärte die größte spanische Bank.

Auch der große Konkurrent der Santander, die zweitgrößte spanische Bank BBVA, rechnet mit Verlusten in einer Höhe von etwa 300 Millionen Euro. Das Institut Morenés & Botín (M&B), geführt von einem Sohn des Santander-Chefs Emilio Botin und dessen Schwiegersohn, hat einen Verlust von mehr als 152 Millionen Euro eingeräumt. Zudem, so hat die spanische Regierung inzwischen erklärt, seien auch drei Versicherungsunternehmen und etliche Rentenfonds von dem Betrug betroffen. Sowohl die Zentralbank als auch die Börsenaufsicht haben Ermittlungen eingeleitet. Es wird erwartet, dass die Schadenshöhe in Spanien noch über die bisher geschätzten drei Milliarden Euro hinausgehen könnte. Hier hat man offenbar nichts aus dem Fall Afinsa gelernt. Statt 1000 reichen und den institutionellen Anlegern, wie im Fall Madoff, flog vor zwei Jahren der Betrug an etwa 200.000 Kleinsparern auf, die mehr als fünf Milliarden Euro verloren haben (Rekordbetrug an Sparern in Spanien?).

Doch auch in anderen europäischen Banken fiel man ungeprüft auf hohe Renditeversprechungen herein. Erstaunlich, dass nach den USA und Spanien nun Großbritannien bei den Geschädigten ganz oben dabei ist. In diesen drei Ländern wurde auch zugelassen, dass sich Immobilienblasen bilden konnten, deren Platzen zu den großen Verwerfungen beiträgt (Alle Zeichen weisen auf eine weltweite Rezession hin). Die HSBC-Bank, Europas größte Bank, soll mit gut 750 Millionen Euro bei Madoff engagiert sein. Der Royal Bank of Scotland drohen Ausfälle von etwa 450 Millionen und bei der Man Group, einem Hedge-Fonds, sind es 267 Millionen Euro.

Auch die Schweizer Gründlichkeit wurde weiter ramponiert. Die schweizerische Privatbank Union Bancaire Privee (UBP) soll mit 650 Millionen Euro bei Madoff engagiert sein. Die Privatbank hat das weder bestätigt noch dementiert und erklärt, das Engagement liege unter 1% der gesamten Vermögenswerte. Das könnten aber dann sogar Verluste bis zu einer Milliarde Euro bedeuten. Getroffen hat es auch die Luzerner Privatbank Reichmuth, die über das Anlagevehikel "Reichmuth Matterhorn" knapp 250 Millionen bei Madoff versenkt haben soll. Bei einem Totalverlust wären das fast 9 % des Gesamtvermögens des Zertifikats. Neben der Waadtländer Fondsgesellschaft EIM, die 168 Millionen Euro verloren habe soll, hatten noch weitere Schweizer Banken bei Madoff investiert.

Erneut steht auch Fortis wieder im Schlaglicht. Der belgisch-niederländische Finanzkonzern, der erst kürzlich durch eine Gemeinschaftsaktion mehrerer Länder vor dem Zusammenbruch gerettet wurde, teilte mit, durch indirekte Investitionen seien bis zu einer Milliarde Euro wegen dem Betrug in Gefahr. Das Geld sei an Fonds verliehen worden, die es in von Madoff geführte Fonds steckten. Auch dem ohnehin schwer angeschlagenen belgisch-französischen Institut Natixis drohen Verluste von bis zu 450 Millionen Euro. Die französisch-belgische Bank Dexia soll rund 164 Millionen Euro verloren haben.

In Frankreich taucht erneut der Name der BNP Paribas SA in der Opferliste auf. Die größte französische Bank, die schnell zum Beginn der US-Finanzkrise Verluste transparent, könnte einem Verlust von bis zu 350 Millionen Euro erleiden. Sie habe zwar nicht direkt in Madoff-Fonds investiert, sei aber über den Handel und die Vergabe von Krediten indirekt betroffen.

Keine ausreichende Kontrolle in den USA

Erstaunlich still ist es bisher noch in Deutschland. So wollte die Deutsche Bank keinen Kommentar abgeben. Dabei sollen die Deutsche Bank und die Privatbank Hauck&Aufhäuser ihren Kunden das Reichmuth Matterhorn Zertifikat verkauft haben, in das die Kunden jeweils mindestens 50.000 Euro anlegen mussten. Ähnlich zurückhaltend wie die Deutsche Bank verhalten sich auch die Dresdner Bank, die Commerzbank und die Postbank. Intern werde aber recherchiert, ist aus gut informierten Kreisen zu hören.

Da deutsche Banken auch in der Finanzkrise zunächst nur spät und zaghaft die Verluste offen gemacht haben, sind schlechte Nachrichten allerdings nicht ausgeschlossen. Bisher wird bisweilen eingeräumt, bei Madoff investiert zu haben. Aber es handele sich um keine signifikanten Beträge, ist offenbar die bisherige Sprachregelung. Einige der Landesbanken, die in den letzten Monaten in den Schlagzeilen waren, beeilten sich schon zu erklären, man habe keine Gelder bei Madoff investiert. Das sagten die Helaba, die WestLB, die BayernLB, die Nord/LB und die HSH Nordbank.

Doch die Liste der Betrugsopfer wächst und auf ihr finden sich auch zahlreiche prominente Opfer. So sind Stiftungen des Hollywood-Regisseurs Steven Spielberg und des Holocaust-Überlebenden und Friedensnobelpreisträgers Elie Wiesel betroffen. Dessen Stiftung für Humanität hat offenbar schwere Verluste durch den Betrug erlitten. Zwei Stiftungen, die jüdische Projekte in Israel und Osteuropa finanzieren, mussten bereits ihre Zahlungen einstellen, berichtet die israelische Zeitung Haaretz. Das Wall Street Journal bezeichnet die Auswirkungen für jüdische Hilfsorganisationen als "Katastrophe". Sogar Krankenhäuser und Schulen in den USA gehören zu den Opfern.

Insgesamt zeigt der Skandal, dass eine keine effektive Kontrolle über milliardenschwere Vorgänge in den USA gibt. Ein riesiges Schneeballsystem blieb über viele Jahre unentdeckt, obwohl Madoffs Firma der Finanzaufsicht SEC alle erforderlichen Berichte vorgelegt hat. Dabei hatte die SEC schon 1992 die Firma mit dem Verdacht auf ein Schneeballsystem untersucht, jedoch will man keine Unregelmäßigkeiten entdeckt haben. Weitere Prüfungen in den Jahren 2005 und 2007 hätten ebenfalls keine größeren Probleme zutage gebracht. Hätte Madoff gegenüber zwei Angestellten den Betrug nicht zugegeben, wie die SEC einräumt, wäre den Kontrolleuren wohl noch lange nicht aufgefallen, dass dessen Firma keine Gewinne gemacht hat.

http://www.heise.de/tp/r4/artikel/29/29367/1.html


Bernie Madoff's Victims: The List
Henry Blodget
Dec 23, 08

Word on the identities of Bernie Madoff's clients / victimes continues to emerge. The total losses reported so far add up to about $30 billion. Please add new names to comments (or via email to hblodget@alleyinsider.com).

Text list below. ALSO SEE THE SLIDESHOW >

Bernie Madoff's Victims (So Far)

HSBC "has emerged as one the largest victims of Bernard Madoff’s alleged fraud with potential exposure of about $1bn...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:)

Access International. $1.4 billion

Fortis Bank. $1.4 billion

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)

Tremont Capital. Fund of funds. $3.3 billion invested. (FT)

Pioneer Investments, an arm of Italy’s UniCredit, had “substantially all” of $835m invested with Madoff. (FT)

Union Bancaire Privet: $1.1 billion

Benbasset & Cie: $935 million

BBVA: $404 million

Maxam Capital Management LLC. Combined loss of $280 million. "I'm wiped out," said Sandra Manzke, Maxam's founder and chairman. The Darien, Conn., fund of hedge funds will have to close as a result of the losses, she said. (WSJ)

Fairfield Greenwich Group. Bloomberg: The biggest loser may be Walter Noel’s Fairfield Greenwich Group, whose $7.3 billion Fairfield Sentry Ltd. invested with Madoff’s eponymous firm, three people familiar with the matter said... Fairfield Sentry has a record of more than 15 years with an annual return of 4 to 6 percentage points above benchmark interest rates, according to a marketing document dated this month that was prepared by Zurich-based NPB New Private Bank Ltd. On an absolute basis, returns exceeded 10 percent every year from 1991 through 2000. Since then, they ranged from 6.4 percent to 9.8 percent...The strategy is a “split-strike conversion,” where the investment manager buys shares of large U.S. companies and enters into options contracts to limit the risk, the document says.

Fix Asset Management. Bloomberg: Fix Asset Management, which had an account worth at least $400 million with Madoff Investments. The firm said it’s checking with lawyers about the holdings. “We are very shocked,” John Fix, the son of founder Charles Fix, said by phone from Greece. “We put in redemptions in the past few months and got our money back no problem. We are just so surprised about all this.”

Kingate Management Ltd. Bloomberg says $2.8 billion Kingate Global Fund Ltd. invested with Madoff.

Santander. WSJ: The eurozone's largest bank by market value, said its clients had an exposure of €2.33 billion ($3.1 billion) to Madoff's investment funds, mainly through its Optimal Strategic US Equity fund. More than €2 billion belongs to institutional investors and international clients of its private-banking business, which provides services to wealthy individuals, it said. The remaining €320 million belongs to private-banking customers in Spain, where Santander is based.

Thyssen Family. Source sends the following: Thybo Investments grew out of a family office for Thyssen. They have been in fund of funds it seems since 1989. Thybo International is a "proper" fund of fund but it's newer share class G invests only in one manager - and i'm 99% sure it's Madoff as the returns are almost the same. Some more info. The fund started in Jan 2007. Ernst & Young. Luxembourg are the auditors. UBS Luxembourg is the administrator. Thybo states on their webpage: "Our track record incorporates audited financial statements at both a composite firm-wide and individual portfolios level."

Ira Roth's family. WSJ: Ira Roth, a New Jersey resident, who says his family has about $1 million invested through Mr. Madoff's firm, is "in a state of panic." He said his 86-year-old mother-in-law has been living on the investments' returns, and he has been using the funds to pay college tuition.

Sterling Equities. Fund controlled by Fred Wilpon, co-owner of the NY Mets, confirms it had money with Madoff.

Stephen Abbott, a San Francisco lawyer. WSJ: [Abbott] and two siblings had several hundred thousand dollars invested with Mr. Madoff. They inherited the trust from their father, who had befriended Mr. Madoff years ago. Performance remained steady through the current bear market, he said. "People were floored," he says. "We were making money in this lousy market." He says he is concerned about recovering the money but "you have to get philosophical about this stuff. It could be worse; we still have our health."

Palm Beach Country Club. Source: CNBC's David Faber

Lawrence Velvel, "69, dean of the Massachusetts School of Law, said he and a friend may have lost millions of dollars between them (AP). "This is a major disaster for a lot of people," Velvel said in a telephone interview from his Andover, Mass., office. "You work all your life, you finally manage to save up something, and somebody who's entrusted with it, it turns out suddenly he's a crook. Lots of people are getting fully or partially wiped out." Velvel said he wants to know where government regulators, as well as accountants and others at Madoff's company, were when the money was being lost." (AP)

Loeb Family. Source: CNBC's David Faber

J. Ezra Merkin. GMAC LLC Chairman. WSJ: Mr. Merkin, the chairman of former General Motors Corp. financing arm GMAC, is also a money manager at Ascot Partners LLC in New York. Ascot, which had $1.8 billion under management as of Sept. 30, had substantially all of its assets invested with Mr. Madoff, according to a letter to Mr. Merkin sent to clients Thursday night. Mr. Merkin said as one of the largest investors in Ascot, he believed he had personally "suffered major losses from this catastrophe."

Norman Braman. Former Philadelphia Eagles owner

Leonard Feinstein, co-founder of retailer Bed Bath & Beyond. (WSJ)

Mort Zuckerman. Mr. Zuckerman, the chairman of real-estate firm Boston Properties and owner of the New York Daily News and U.S. News & World Report, had significant exposure through a fund that invested substantially all of its assets with Mr. Madoff (WSJ)

Richard Spring. WSJ: A Boca Raton resident and former securities analyst, says he had about $11 million -- or 95% of his net worth -- invested with Mr. Madoff. "That's how much I believed in him," Mr. Spring said.

Elie Wiesel's Foundation For Humanity. Lost $37 million.

Members of half-a-dozen country clubs: WSJ: "Mr. Madoff tapped social networks in Dallas, Chicago, Boston and Minneapolis. In Minnesota, he attracted investors from Hillcrest Golf Club of St. Paul and Oak Ridge Country Club in Hopkins, investors say. One of them estimated that investors from the two clubs may have invested more than $100 million combined. One of the largest clusters of Madoff investors was in Florida, where losses could be substantial. Mr. Madoff relied on a network of friends, family and business colleagues to attract investors. According to investors and agents, some of these agents were paid commissions for harvesting investors. Others had separate, lucrative business relationships with Mr. Madoff. "If you were eating lunch at the club or golfing, everyone was always talking about how Madoff was making them all this money," one investor says. "Everyone wanted to sign up." Jeff Fischer, a top divorce attorney in Palm Beach, says many of his clients were also Mr. Madoff's clients. "Every big divorce that came through my office had portfolio positions with Madoff," he says. Two of his investors said that among his clients, Mr. Madoff was considered a money-management legend; they would joke that if Mr. Madoff was a fraud, he'd take down half the world with him."

Bramdean Alternatives in the U.K. 9% of portfolio.

Banque Benedict Hentsch, Geneva-based private bank, $47.5 million.

Nomura and Neue Privat Bank. "Marketed access to Fairfield Sentry Ltd., a fund overseen by Mr. Madoff and sold through Fairfield Greenwich. The shares offered by Neue Privat and Nomura were leveraged three times -- meaning $3 of borrowed money was added to every $1 of capital invested in order to magnify returns, greatly increasing the potential losses for those investors." (WSJ)

Unicredit. The Italian firm had unspecified amount with Madoff via its Dublin-based Pioneer alt-asset group. (MarketWatch)

Sen. Frank Lautenberg. Unspecified (Newsday).

Robert Lappin Foundation in Massachusetts closed its doors today and is citing relationship to Maddoff fund. $8MM foundation plus personal holdings. Foundation supported Jewish organizations throughout North Shore of Massachusetts. (source: Jewish Journal)

Wunderkinder Foundation, a Steven Spielberg charity. In the past the foundation "appears to have invested a significant portion of its assets with Mr. Madoff, based on regulatory filings. In 2006, the Madoff firm accounted for roughly 70% of the foundation's interest and dividend income, according to regulatory filings. A representative of Mr. Spielberg confirmed that the foundation has suffered losses on its investments with the Madoff firm. He said he didn't know the size of the losses and couldn't comment further, including on whether Mr. Spielberg had any of his own money invested with the Madoff firm." WSJ

BNP Paribas. "BNP Paribas's exposure, the extent of which is not clear, may stem from BNP's lending relationship with a fund of funds that was a big Madoff client, said people familiar with the matter. A BNP spokeswoman declined to comment." WSJ: BNP, France's largest bank by market value, said it could lose as much as 350 million euros as a result of the alleged fraud. The bank said it has no investment of its own in the hedge funds managed by Bernard Madoff Investment Services. BNP Paribas, however, said it is exposed to these funds through its trading business and lending to hedge funds that had invested in Madoff's funds.

Ira Rennert. Vicky Ward of Vanity Fair, said on CNBC."Heavily, heavily invested."

Englebardt family of Los Angeles. (Reader)

Swiss private bank Reichmuth & Co. "said its clients had an exposure of some 385 million Swiss francs to Madoff funds. The bank said Reichmuth Matterhorn, a fund that invests in other hedge funds, faced a potential loss of about 8.6% on its exposure to Madoff. That amount represented about 3.5% of the 11 billion Swiss Francs Reichmuth & Co. has under management, the bank said." (WSJ)

Union Bancaire Privee. UBP spokesman said the bank's clients have "limited" losses related to Madoff, but wouldn't be more specific or comment further. (WSJ)

EIM Group, the European investment manager with about $11 billion in assets, had a number of non-U.S. investors into funds overseen by Mr. Madoff, according to people familiar with the matter. Overall, EIM assets at risk are less than 2% of what it manages, which means losses could top $200 million. (WSJ).

UBS: ""Very limited" direct exposure to the Madoff funds...But the Zurich-based bank's wealth-management arm helped clients in Europe and possibly elsewhere invest with Mr. Madoff, according to investment professionals in Europe who spoke with some of these clients. UBS is currently reviewing its clients' exposure to Mr. Madoff's funds, according to the person familiar with the matter. The person said the funds weren't on UBS's list of "recommended" investments for its U.S. clients, but that they may have been among the firm's suggested investments for overseas clients." (WSJ)

Stephen A. Fine, president of Biltrite Corp. (Reader)

Avram and Carol Goldberg, former owners of the Stop & Shop supermarket chain (Reader)

Helfman family of Miami. (Reader)

Saul Katz, co-owner of the New York Mets.

Irwin Kellner, of Port Washington. (Reader)

Carl and Ruth Shapiro, donors to Brandeis University, and Beth Israel Deaconess Medical Center. The Boston Globe reported on Saturday that the Shapiro family foundation lost almost half its money, or about $145 million.


Fairfield County, Connecticut. Bloomberg: First Selectman Ken Flatto and other elected officials in Fairfield, Connecticut, thought the 58,000- person town’s pension fund was holding up well amid the worst financial crisis since the Great Depression. The 18 percent decline in total assets since the end of June looked smart compared with the 31 percent plunge in the Standard & Poor’s 500 Index, and total assets of $286 million left a cushion over the $270 million of estimated liabilities. Flatto’s mood darkened yesterday when he heard Bernard Madoff, a Wall Street executive who oversaw $42 million of the assets, had been arrested and charged with fraud. “We classified this on our portfolio as one of the more conservative investments,” Flatto said in an interview. “You rely on your experts and your managers to be honest.”

Royal Bank of Scotland: $330 million

Nomura: $302 million

Aozora Bank: $137 million

Various Boston families: The Boston Globe.

Jeff Katzenberg. Dreamworks CEO has "millions" in Madoff losses. (WSJ)

Gerald Breslauer. Jeff Katzenberg and Steven Spielberg's financial advisor. WSJ: According to people familiar with the matter, Mr. Breslauer himself has likely sustained heavy losses in the Madoff affair. He customarily invests alongside his clients, say these people, and has sometimes been a larger investor than the people he represented. People familiar with the matter said Mr. Breslauer was known to be a Madoff investor.

Yeshiva University lost $100 million to $110 million. (NYT)

Jewish Federation of Greater Washington said it had $10 million invested with Mr. Madoff, about 8 percent of its endowment as of Nov. 30. The organization said it would work to recover the money. (NYT)

North Shore-Long Island Jewish Health System: $5.7 million exposure to Madoff Securities in the form of a gift from a donor who insisted that it be invested that way. “The donor who contributed the funds has graciously agreed to reimburse the health system for any financial loss,” the organization said in a statement. (NYT)

Ramaz School lost some $6 million invested with Mr. Madoff, according to a letter sent to board members and two parents whose children attend the school. (NYT)

SAR Academy, a Jewish school in the Bronx, had roughly a third of its $3.7 million in assets invested with Mr. Madoff, according to an e-mail message it sent to donors and parents. (NYT)

Chais Family Foundation in Encino, Calif., announced over the weekend that its losses had forced it to stop operating, according to the Jewish Telegraphic Agency. The foundation had $178 million in assets in May 2007, according to its tax form. (NYT)

JEHT Foundation. May have lost hundreds of millions. Will cease operations. (NYT)

Arpad Busson. Uma Thurman's billionaire fiance runs hedge fund, EIM, which was reportedly exposed to roughly $270 million of products sold by Madoff (Mail on Sunday)

Accountants Scott Sosnik & Larry Bell. Accountants who worked for many of Madoff victims claim that they too lost money.

Swiss insurer Baloise. $13 million. (Reuters)

Swiss Re: Less than $3 million (Reuters)

Burt Ross. Former Ft. Lee, NJ mayor lost $5 million.

Maimonides School. Boston school lost $3 million. (Boston.com)

Charles & Cindi Nadler Foundation. $10 million.

Tufts University $20 million (Boston.com)

Alexandra Penney. Artist and author lost bulk of her life savings. (Daily Beast)

Robert Chew. Colorado-based investor. (TIME)

Fair Food Foundation. Detroit-based urban farming group. (NYMag)

Pasha S. Anwar and Julia Anwar. Investors first to sue Fairfield Greenwich. (DealBook)

Pedro Almodovar. Famed Spanish film director has $240,000 "at risk" (Bloomberg)

More as we get them...

http://clusterstock.alleyinsider.com/2008/12/bernie-madoff-hosed-client-list