Europeans Want Money Lost To Madoff Back

  • Playlist
  • Download
  • Embed
    Embed <iframe src="http://www.npr.org/player/embed/106083636/106083617" width="100%" height="290" frameborder="0" scrolling="no">
  • 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 a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.