Madoff's Victims
- December 19, 2008
Madoff's Victims
The fallout from Bernard Madoff's alleged Ponzi scheme reverberated around the world as the list of investors facing losses widened. Among the biggest losers were charities, hedge funds, and banks in Europe and Asia. Below, see some of the most exposed investors and sort by the amount of potential losses. --Updated 12/19/08
| Investor | Description | Amount of Exposure | Comment |
|---|
| Description | |||
|---|---|---|---|
| Fairfield Greenwich Advisors | An investment management firm | $7,500,000,000 | |
| Tremont Group Holdings | Asset management firm | $3,300,000,000 | |
| Banco Santander | Spanish bank | $2,870,000,000 | |
| Bank Medici | Austrian bank | $2,100,000,000 | |
| Ascot Partners | A hedge fund founded by billionaire investor, philanthropist and GMAC chief J. Ezra Merkin | $1,800,000,000 | |
| Access International Advisors | A New York-based investment firm | $1,400,000,000 | |
| Fortis | Dutch bank | $1,350,000,000 | |
| Union Bancaire Privee | Swiss bank | $1,000,000,000 | |
| HSBC | British bank | $1,000,000,000 | |
| Natixis SA | A French investment bank | $554,400,000 | Exposure is about 450 million euros. |
| Carl Shapiro | The founder and former chairman of apparel company Kay Windsor Inc., and his wife | $545,000,000 | |
| Royal Bank of Scotland Group PLC | British bank | $492,760,000 | |
| BNP Paribas | French bank | $431,170,000 | risk exposure (up to 350 million euros) |
| BBVA | Spanish bank | $369,570,000 | |
| Man Group PLC | A U.K. hedge fund | $360,000,000 | |
| Reichmuth & Co. | A Swiss private bank | $327,000,000 | |
| Nomura Holdings | Japanese brokerage firm | $304,000,000 | |
| Maxam Capital Management | A fund of funds based in Darien, Connecticut | $280,000,000 | The fund reported a combined loss of $280 million on funds they had invested. |
| EIM SA | A European investment manager with about $11 billion in assets | $230,000,000 | The European investment manager with about $11 billion in assets. Overall, EIM assets at risk are less than 2% of what it manages. |
| AXA SA | French insurance giant | $123,200,000 | Exposure is well below 100 million euros. |
| UniCredit SpA | Italian Bank | $92,390,000 | |
| Nordea Bank AB | Swedish Bank | $59,130,000 | |
| Hyposwiss | A Swiss private bank owned by St. Galler Kantonalbank | $50,000,000 | |
| Banque Benedict Hentsch & Cie. SA | A Swiss-based private bank | $48,800,000 | |
| Fairfield, Conn. | town pension fund | $42,000,000 | |
| Bramdean Alternatives | An asset manager | $31,200,000 | |
| Jewish Community Foundation of Los Angeles | The largest manager of charitable gift assets for Los Angeles Jewish philanthropists | $18,000,000 | The amount invested with Madoff represented less than 5% of the Foundation's assets. |
| Harel Insurance Investments & Financial Services Ltd. | Israel-based insurance firm | $14,200,000 | N/A |
| Baloise Holding AG | Swiss insurer | $13,000,000 | N/A |
| Societe Generale | French Bank | $12,320,000 | |
| Groupama SA | French insurer | $12,320,000 | Exposure is around 10 million euros. |
| Credit Agricole SA | French bank | $12,320,000 | Exposure is less than 10 million euros. |
| Richard Spring | individual investor | $11,000,000 | |
| RAB Capital | hedge fund | $10,000,000 | N/A |
| Banco Popolare | Italian bank | $9,860,000 | |
| Korea Teachers Pension | A 10 trillion won Korean pension fund | $9,100,000 | N/A |
| Swiss Life Holding | Swiss insurer | $78,900,000 | |
| North Shore-Long Island Jewish Health System | health system | $5,700,000 | |
| Neue Privat Bank | Swiss bank | $5,000,000 | |
| Clal Insurance Enterprise Holdings | An Israel-based financial services company | $3,100,000 | N/A |
| Ira Roth | individual investor | $1,000,000 | |
| Mediobanca SpA | via its subsidiary Compagnie Monegasque de Banque. | $671,000 | |
| Fred Wilpon | owner of New York Mets | N/A | N/A |
| Steven Spielberg | The Spielberg charity -- the Wunderkinder Foundation | N/A | N/A |
| JEHT Foundation | A New York foundation focused on electoral and criminal justice reform | N/A | |
| Mortimer B. Zuckerman Charitable Remainder Trust | The charitable trust of real-estate magnate, who owns the Daily News and U.S. News & World Report | N/A | Funds exposed represented 11% of the value of that charitable trust. |
| Robert I. Lappin Charitable Foundation | A Massachusetts-based Jewish charity | N/A | |
| Chais Family Foundation | A charity that gives away about $12.5 million annually to Jewish causes | N/A | |
| KBC Group NV | Belgian banking and insurance group | N/A | |
| Credit Suisse | Swiss bank | N/A | |
| Barclays PLC | British bank | N/A | |
| Dexia | French bank | N/A | |
| Allianz Global Investors | The asset management unit of German insurer Allianz SE | N/A | |
| Banco Espanol de Credito SA (Banesto) | A Spanish bank contolled by Banco Santander | N/A | Its clients have a total 2 million euros exposure |
| CNP Assurances | French insurer | N/A | No direct exposure. Indirect exposure of 3 million euros via a fund of funds |
| UBS AG | Swiss bank | N/A | The bank says is has "no material exposure." |
| Yeshiva University | A New York-based private university | $110,000,000 | |
| The Elie Wiesel Foundation for Humanity | The charitable foundation of Nobel laureate | N/A | N/A |
| Leonard Feinstein | The co-founder of retailer Bed Bath & Beyond | N/A | N/A |
| Sen. Frank Lautenberg | The charitable foundation of the New Jersey Senator's family | N/A | N/A |
| Norman Braman | former owner of Philadelphia Eagles | N/A | N/A |
| Jeffrey Katzenberg | The chief executive of DreamWorks Animation SKG Inc. | N/A | |
| Gerald Breslauer | The Hollywood financial advisor to Steven Spielberg and Jeffrey Katzenberg | N/A | |
| Kingate Management | hedge fund | N/A | |
| Julian J. Levitt Foundation | Texas-based charity | N/A | N/A |
| Loeb family | N/A | N/A | N/A |
| Lawrence Velvel | individual investor | N/A | |
| Fix Asset Management. | hedge fund | N/A | |
| Genevalor, Benbassat & Cie. | money manager in Geneva | N/A | |
| Banco Espirito Santo | Portugese bank | $21,400,000 | |
| Great Eastern Holiding | Singapore insurer | $64,000,000 | |
| M&B Capital Advisers | Spanish brokerage | $52,800,000 | |
| Royal Dutch Shell pension fund | Global energy and petrochemical company | N/A | |
| Phoenix Holdings | Israeli financial services company | $12,600,000 | |
| Credicorp | Peruvian financial services company | $4,500,000 | |
| Fukoku Mutual Life Co. | Japanese insurer | N/A | |
| New York Law School | law school in New York City | $300,000 | |
| Nipponkoa Insurance | Japanese insurer | N/A | |
| Sumitomo Life Insurance Co. | Japanese insurer | $22,000,000 | |
| Swiss Reinsurance Co. | Swiss insurer | $300,000 | |
| Aozora Bank Ltd | Japanese lender | $137,000,000 | |
| UBI Banca | Italian bank | $86,000,000 | |
| Taiyo Life Insurance Co. | Japanese insurer | $17,900,000 | |
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Sources: WSJ reporting; Associated Press; the companies and charities