Banco Santander has announced that it is to compensate all individual investors who lost money in the Madoff scam via its investment arm. Going to cost them around €1,380,000,000, it seems, and will be repaid in preferential participations and cash. Institutions can go whistle. Nice of them, but I can’t help wondering what ZP will give in exchange?
Banesto has laughed off the Madoff scam, saying that the 14,6 million euros it lost to Mr Madoff were “irrelevant”. Jolly good. I wish I were that rich. A piffling 14,6 million euros, eh? Meanwhile, Mr Botin continues with the heart pills. (2,330,000,000€ down the drain). ElEconomista.es