The Times broke a story which based on “Internal forecasts” the reported losses of investments made into Madoff funds by Credit Suisse clients could reach $925 million. This follows the admission that Swiss bank UBS lost $1.4 billion.
Credit Suisse are standing firm on their statement that they didn’t have anything to do with promoting or selling Madoff investments. While admitting that CS clients lost money, CS spokesman, Jan Vonder Muehll, states:
Credit Suisse did not actively sell stakes in Madoff funds to the bank’s clients and there were no Madoff funds on the Credit Suisse ‘recommended’ list. Also, no fund of hedge funds structured by Credit Suisse contained Madoff funds.
With this information, it’s unclear where the money was lost. Most people are pointing towards feeder funds, which where set up to extend the capacity for Madoff funds.
In other Madoff news:
- Madoff is rushing to get his accounts to the reciever by the 31st
- TPM is reporting that the Associated Press has calculated the total loss to be $30 billion, not $50 billion
- $10k statue stolen from Madoff’s lawn
- Judge states that investors will only get $100,000 back