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Financial roundup: December 18

Here's a look at the happenings in today's business world. -AsiaOne

Tue, Dec 16, 2008
AsiaOne

Madoff house arrest ordered
NEW YORK/WASHINGTON - DISGRACED financier Bernard Madoff, accused of orchestrating a US$50 billion (S$74 billion) fraud, was placed under house arrest on Wednesday as BNP Paribas became the latest European bank to be sideswiped by the scandal.

A federal judge ordered the 70-year-old former pillar of Wall Street confined to his US$7 million Manhattan apartment and told Madoff's wife to surrender her US passport by noon on Thursday. ... more

Other stories

Madoff warnings went unheeded
SEC chairman orders probe into why allegations against investment baron were not acted on. -AFP

Loans can't go on indefinitely, China warns US
This comes after it consolidated its position as the top buyer of American government bonds. -AFP

BNP Paribas posts CIB loss, could cut 700 jobs
It had also been hit by American financier Bernard Madoff's alleged fraud. -Reuters

Bring down yen's value?
Government's spokesman said Japan had to take action to control the high currency. -AFP

Banks set up legal fund
HK banks that sold financial products backed by collapsed firm Lehman Brothers will provide S$18.6 million for a potential US legal battle on behalf of investors. -AFP

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