Word: madoff
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Dates: during 2010-2019
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...being losers. Bank of America is planning to extend its clawback provision to its top executives. And Goldman Sachs recently said bonuses for its top executives will be paid in restricted stock, making it easier to recoup pay down the road. (See pictures of the downfall of Bernie Madoff...
Santander's only stumble has been steering some of its private-banking clients into Bernard Madoff's Ponzi machine through its Geneva-based Optimal hedge funds. It moved fast to make good, offering to repay 100% of the sums invested. Santander says 94% of its Madoff victims have accepted, costing the bank $648 million at current exchange rates. It also returned $235 million to the Madoff estate in a settlement of claw-back claims with U.S. trustee Irving Picard...
Still, for a bank that can get a bit smug about its meticulousness, the Madoff stain, albeit minor, will be hard to rub out. It's also one of the reasons why Santander's private-banking business is in the red. "We were caught in a fraud, but it was still a mistake," concedes chief financial officer Juan Antonio Alvarez. (See pictures of the demise of Bernie Madoff...
...This article originally stated that the Bernard Madoff scandal cost Santander $648 billion at current exchange rates. It was $648 million...
...have charged Rothstein with swindling investors out of $1.2 billion over the past decade, a scam in which he got them to plow money into lucrative, securitized lawsuit settlements that usually turned out to be nonexistent. The alleged crime wasn't as massive as New York City financier Bernard Madoff's recent $50 billion Ponzi con, but the Mini-Madoff scheme has slapped the Sunshine State, already reeling from myriad corruption scandals of late, with one of its darkest stains in decades. "So many frauds have been committed here recently," says William Scherer, a Fort Lauderdale attorney representing some...