COMPANIES The Austrian government is preparing to take management control of Vienna-based Bank Medici after the bank revealed clients had lost money in funds it ran which invested with disgraced New York financier Bernard Madoff.
While other banks, such as HSBC, BNP Paribas , Santander, and Fortis have all announced losses as a result of their exposure to funds run by Mr Madoff, and several charities have been forced to close, no financial institution has collapsed as a result of the scandal so far.
