HSBC, UBS May Be Liable on Madoff as Fund Custodians

The fallout from the Madoff ponzi scam continues to widen. Bloomberg is reporting this morning that HSBC Holdings Plc and UBS AG may be liable for as much as $3.2 billion of losses. UBS and HSBC have reported $81.7 billion in writedowns and credit losses since the start of the global financial crisis in 2007.

HSBC, UBS May Be Liable on Madoff as Fund Custodians