Thursday, January 15, 2009
HSBC, UBS May Be Liable on Madoff as Fund Custodians (Update3)
By Alan Katz, Jon Menon and Vernon Silver
Jan. 15 (Bloomberg) -- HSBC Holdings Plc and UBS AG may be liable for as much as $3.2 billion of losses linked to Bernard Madoff in a dispute over the duties of financial custodians at funds in Luxembourg and Ireland.
...looks like madoff must have been very influential... ...yea, to be so influential, you have to be in "high" places...