The victims of Madoff will receive compensation

European citizens will have the money for the scam of Madoff

In brief: Two dozen European banks took up compensation for victims of Bernard Madoff's scams.

About 20 European banks, including HSBC Holdings Plc, agreed not to compensate U.S. investors $ 15.5 billion in losses from the financial pyramid of Bernard Madoff. Counsel Javier Cremades, representing the interests of victims Madoff, said that among the banks participating in an agreement, the financial institutions from France, Germany, Portugal, Spain and Britain.

Banks in Switzerland refused to participate because of operating in this country of bank secrecy laws, he added. “They feel secure, the Swiss system is one of the toughest,” – said Gremades, president of the Madrid law firm Cremades & Calvo-Sotelo, journalists in New York. He added that the settlement will cost the banks “not expensive”, because otherwise they face “formidable challenges to the reputation of” a time when confidence and so does not suffice.

Ukrainian Globalist
2010-05-25 22:07, Economics.

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