More banks reveal $50bn fraud exposure

HSBC said it had investments of about $1bn in a firm run by former Nasdaq stock market head Bernard Madoff, who is accused of conceiving one of the largest financial scams ever. It follows earlier announcements from the Royal Bank of Scotland (RBS), which revealed a £400m exposure, and Santander (€2.3bn). Elsewhere, the French bank, Natixis, part of Caisse d'Epargne and Banque Populaire, said it may lose £402m while one of the world's largest investment groups, Man, said it had invested about $360m - 0.5% of its total funds. BNP Paribas faces a €350m potential loss, it said, and Swiss...