That is becoming increasingly apparent. Santander lost $3 billion for it's clients in Madoff, and $2 billion came from Latin America money. The bank lost only $17 million itself.
Investigators said they want to know why Mr. Botín sent one of his chief lieutenants to see Mr. Madoff in New York just weeks before the scheme collapsed. Rodrigo Echenique, who has been close to Mr. Botín for many years, visited Mr. Madoff in his New York office at the end of November. Investigators say they want to know whether Santander was aware of any problems at Mr. Madoff's firm then. Santander and Mr. Echenique declined to comment on the trip.
http://online.wsj.com/article/SB123179728255974859.html?mod=testMod
Madoff had money from Russian oligarchs, and money of dubious origin from Columbia. How about Bank Medici's $3 billion? And what's with these Austrian banks and scams? Didn't Austria's Bawag try and bail out Refco and didn't they eventually pay a $675 million fine so the regulators would quit looking at their books?
So who is going to look at Santander's books? No one. Because Santander, will eventually pay up!
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