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POPSBillions Vanish In Epic Hedge Fund Fraud
$50 billion at stake after Wall St broker Bernard Madoff is arrested "We didn't understand how his strategy could generate the kind of returns it did. We will walk away from things like that." U.S. stocks tumbled in early trading on Friday, with some investors citing the Madoff case as well as the failure of talks in Congress on a rescue for the U.S. auto industry. The market later rebounded, with the Dow Jones industrial average closing 0.75 percent higher for the day. Investors overseas were reeling from the alleged fraud. Benedict Hentsch, a Swiss private bank, said it had 56 million Swiss francs ($47 million) of exposure to Madoff's investment advisory business. Italian bank UniCredit SpA's fund management unit, Pioneer Investments, has exposure through its Primeo Select hedge fund, two people familiar with the matter said. Bramdean Alternatives Ltd said almost 10 percent of its holdings were exposed to Madoff, sending shares in the UK asset manager crashin
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