NPR logo

Europeans Want Money Lost To Madoff Back

  • Download
  • <iframe src="https://www.npr.org/player/embed/106083636/106083617" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Europeans Want Money Lost To Madoff Back

Business

Europeans Want Money Lost To Madoff Back

Europeans Want Money Lost To Madoff Back

  • Download
  • <iframe src="https://www.npr.org/player/embed/106083636/106083617" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

French investors lost an estimated $700 million in funds tied to Bernard Madoff's Ponzi scheme. France's top market watchdog pushed the giant Swiss bank UBS to reimburse investors for their losses. UBS acted as a "custodian bank" to those funds. In a statement, UBS said investors and their advisors knew their money was being placed with Madoff, so it's not responsible for the losses.

RENEE MONTAGNE, host:

NPR's business news starts with Madoff victims fighting for their money.

(Soundbite of music)

MONTAGNE: It's not only Americans fighting to get back money lost in Bernard Madoff's vast Ponzi scheme. So are many Europeans. French investors, for example, lost an estimated $700 million in funds tied to Madoff. Yesterday, France's top market watchdog pushed the giant Swiss Bank UBS to reimburse investors for their losses. UBS acted as a, quote, "custodial bank" to those funds. But in a statement, UBS said investors and their advisors knew their money was being placed with Madoff, so it's not responsible for the losses.

Copyright © 2009 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

We no longer support commenting on NPR.org stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.