01.13.09
Madoff at least we have amother investigation! but will it shun any true light on who knows what !
The Wall Street Journal reported today that Spanish prosecutors are investigating how Santander lost client money through Madoff’s alleged fraud. A spokesman for the bank declined to comment when contacted by telephone. The official at the anti- corruption prosecutor’s office said Santander wasn’t a target of the probe.
Santander fell 24 cents, or 3.5 percent, to 6.60 euros by 5:14 p.m. in Madrid trading, valuing the bank at 52.9 billion euros. The stock is down 48 percent in the past year.
Optimal Fund
Clients of M&B Capital Advisers, a Spanish brokerage founded by Javier Botin, the son of Santander’s Chairman Emilio Botin, and Guillermo Morenes, husband of his daughter Ana Patricia, also had 152 million euros in funds at risk from the alleged fraud.
The anti-corruption prosecutor will be taking a close look at the relationship between Santander, the investment fund Fairfield Greenwich Group and the Madoff funds, the Journal reported. Fairfield had $7.5 billion with Madoff.
Investigators will also look into Optimal, the paper said. Santander said last month that individual customers in Spain face potential losses of about 320 million euros, mostly on structured products linked to its Optimal Strategic U.S. Equity fund, whose investments were executed by Madoff.
About two-thirds of losses incurred by Santander clients were borne by investors in Latin America, with Mexican customers losing $400 million, Argentine clients about $350 million and Brazilian customers $300 million, says the WSJ
M e a n w hi l e reading between the lines , one must say !
It is a disgrace and another example of contempt by the Spanish Bank on their South American Customers!!
