The Madoff scandal

A new scandal has hit the world of finance. Bernard Madoff, the manager of Madoff Investment Securities has admitted a fraud of 50 billion USD. Following this confession, a large number of American institutions (banks, fund managers, universities…) reported considerable losses.

In France, BNP Paribas and Natixis have reported respective losses amounting to 350 million EUR (444 million USD) and 450 million EUR (571 million USD). The shock wave has affected other financial establishments in Europe. This new scandal has further discredited the financial market which is struggling to restore the confidence of investors.