Fraud, Bernie Madoff and More Fraud

Huge losses from Huge banks are being reported associated with the collapse of the Bernard Madoff firm, from the Lipstick Bldg., at the 17th floor of 885 Third Avenue, New York, NY. Like the SIV, Structured Investment vehicles, and the REITs, Real Estate Investment things, the question is, is this a real loss, or the exposure of a "black box" to hide bad losses at the Madoff Securities firm. Britain's Royal Bank of Scotland Group PLC and Man Group PLC, Spain's Grupo Santander SA, France's BNP Paribas and Japan's Nomura Holdings all reported that they had "been John's at the cutest little Ponzi Whore house on Third Avenue."

Man Group, the world's largest publicly traded fund manager that reported exposure of around $360 million on Monday, yes they say "we are only babes in the woods. We don't know nuttin'.

Banco Santander, the largest bank in the euro zone by market capitalization, said its clients have euro2.33 billion ($3.07 billion) in exposure with Madoff, mostly through a fund called Optimal Strategic US Equity. Another babe in the woods complains "we wuzz robbed." Same for Royal Bank of Scotland, and Nomura Holdings. Thieves like to pose as victims.