Bernie Madoff's Ponzi scheme is still costing banks billions
The Bernie Madoff investment scandal was uncovered in 2008 but it is still reverberating on banks’ balance sheets today. HSBC said Monday that it has set aside $1.1 billion to cover litigation by investors who lost money in the Ponzi scheme. One of the bank’s European businesses was in charge of looking after money and administration for funds that invested with Madoff’s company. One of those funds, Herald Fund, sued it in 2009 after the scandal came to light, saying the bank should repay billions of doll ...