I can accept that Santander was a victim of Madoff, and so was Fairfield, and so were thousands of others all adding up supposedly to $50bn. But what Santander has to do, what Fairfield has to do and what all other financial institutions who made a lot of fees and commissions from selling Madoff products is to return these fees to their customers. Even if these fees cut the losses from 100% to 98% it will mean a lot to those who lost everything. Moreover while I accept that those who were selling Madoff products were victims they are also negligent in the sense that they did not really do a good due dilligence on Madoff´s operations as others did.
Here´s Emilio Botín, considered by many the world´s smartest banker explaining in broken English how if you don´t understand an instrument you should not sell it or buy it.
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