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Effects of Madoff Scandal
« on: December 17, 2008, 05:13:38 PM »
Wall Street fell moderately on Monday as investors continued to be concerned about the U.S. auto industry rescue and more firms turned out to be victims of the largest Ponzi Scheme in history. A trader watches his screen on the floor of the New York Stock Exchange, December 15, 2008. U.S. stocks retreated on Monday with the Nasdaq falling more than 1 percent as shares of big-cap tech companies declined, while uncertainty over the fate of a possible rescue plan for struggling automakers remained.

The market sentiment was somewhat lifted in the earlier trading after U.S. President George W. Bush said on Monday morning that his administration is "now in the process of working with the stakeholders on a way forward" to rescue the country's crippled auto industry.

A 14-billion-dollar loan package to the three leading U.S. automakers -- General Motors Corp., Chrysler LLC and Ford Motor Co.-- was rejected by the U.S. Senate last week, delivering a blow to the market as investors were worried that any collapse of the three would result in thousands of job losses, another hit to the already battered economy.

Wall Street became more concerned on Monday as the victim list of the legendary investment manager Bernard Madoff continued to grow. Banks and financial institutions including HSBC, BNP Paribas, Royal Bank of Scotland Group PLC and hedge fund Man Group PLC are revealed to have exposure to Madoff's fund. Madoff was arrested last Thursday for a giant Ponzi Scheme that could amount to 50 billion dollars.

source: BBC

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