BNP Paribas Says EUR350 Million Risk Exposure To Madoff Funds
Bernard Madoff was arrested Thursday for allegedly being responsible for a $50 billion swindle that could affect hedge funds, wealthy private investors and major banks.
BNP said it has no investment of its own in the hedge funds managed by Bernard L. Madoff Investment Services, but that "it does have risk exposure to these funds through its trading business and collateralized lending to funds of hedge funds."
The loss, if the value of the assets of these hedge funds is reduced to nothing, could amount to EUR350 million for the French bank, it said.
Company Web site: www.bnpparibas.com
-By Nicolas Parasie; +33 140171770; nicolas.parasie@dowjones.com
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Publié le 14 Décembre 2008 Copyright © 2008 Dowjones
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