$50m In Madoff Losses Absorbed By National Bank Of Kuwait, Young Jeezy Calls For Madoff’s “Punk Ass”

Hope is soaring amongst the formerly rich investors who were stung by Madoff, after the National Bank of Kuwait fully reimbursed 20 or so investors with $50m that they’d lost to the golf cheat. It’s a massive loss-leader for the bank to show that they really care for their oil sheiks and their ongoing wealth.

So Floridians, stop pawning that jewellery, because other banks might just pay your money back if they lost it. The FT has a lawyer saying that “with the threat of representational losses and litigation, we would not be surprised to see other banks doing right by their clients”, which is basically him talking up his own law firm but whatev, it’s an interesting idea. 

The FT says that Union Bancaire Privee is thinking about it, and Santander has already made a very lame attempt at reimbursing their clients, by giving them preference shares for the principal invested rather than the no-questions-asked bag of cash offered by NBK; some investors are saying that the shares they’ve got only cover 20% of their loss. If you’re a bank with a diverse global portfolio, it might be worth your while if you’ve got some investors you want to keep sweet, but if you’re a hedge fund that’s been shovelling stuff Madoff-wards for years, you might not make it out in any recognisable way if you refund everyone.

Moving on, thanks to Clusterstock for noticing this piece of Madoff ephemera – rapper Young Jeezy adds his syrup-cured two cents to the scandal, in a remix to his already pretty ridiculous “My President is Black” (of which Fox News blowhard Bill O’Reilly is not a fan). ”This is not a race song, it’s a remix/ So, I’mma say this, seems like I’m the only one that’s not afraid to say Bush fucked up/ He left a lot of people out here bad/ Matter of fact, you need to call Bernard Madoff yourself/ And tell him, ‘Bring your punk ass up out that penthouse. We need that money back.’” Listen below from 3.00 onwards:

Posted by Ben Beaumont-Thomas in Hot Money | January 30, 2009 2:50PM |