Marketplace All-in-One HSBC braces for huge hit over Bernie Madoff Ponzi scheme
Oct 28, 2025
Joining the discussion are Maura Fogarty, a BBC journalist with insights on banking and finance, and Davina Gupta, a BBC reporter covering economic impacts. Maura delves into HSBC's staggering $1.1 billion legal provision regarding the Bernie Madoff Ponzi scheme, exploring regulatory implications and potential for future fraud cases. Meanwhile, Davina reports on U.S. tariffs devastating India's carpet industry, revealing personal stories of weavers facing job losses and financial struggles, risking both livelihoods and cultural heritage.
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Madoff Fallout Still Costs Big Banks
- Bernie Madoff's Ponzi scheme remains a source of legal fallout more than a decade later.
- HSBC set aside $1.1 billion for litigation tied to investor claims about asset protection failures.
Regulation, Not Just Bad Actors, Matters
- The Madoff revelations exposed systemic gaps in oversight and supervision.
- Preventing future schemes depends on regulatory strength and supervisory measures, not just individual capacity.
Weaver's Income Plummets From Tariffs
- Weaver Anil Maurya described a fall from $180 to $80 daily wages after U.S. tariffs hit demand.
- He said his sister left college and the family took loans, fearing loss of land if they cannot repay.