Figuring that no news is good news, Spain's largest bank, Banco Santander SA, decided to cut off public access to the Web site of the hedge fund that lost $3.2 billion of its client funds in the $50 billion Madoff Ponzi scheme.
Continue reading below
Santander's Optimal Investment Services Web site, which placed money
with Madoff through its Optimal Strategic U.S. Equity fund, had
previously boasted that "Intensive due diligence is vital to ensuring
the integrity and sustainability of the investment process. ... Each
investment undergoes lengthy and detailed scrutiny according to clearly
defined manager selection criteria,"
according to the Financial Times.
Now it reads "New Web site to be launched soon."
No doubt Optimal Investment Services will regain its presence on the Web, but it'll probably be with a new name and after the uproar over
the losses has subsided. -
George White
See FT story
See more Dealscape posts on Madoff
Comments
It seems that the team responsible for Santander's Madoff exposure just changed firms a few months ago, joining Swiss bank, Notz Stucki. Hmm... you've to wonder about that.
http://www.elmundo.es/mundodinero/2008/12/18/economia/1229571521.html