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The Madoff Fraud:Scam of the Century
Soc gen doubted reliability fo performance in 2003

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Societe Generale put Madoff on black list in 2003

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European banks tally losses linked to Madoff By Nelson D. Schwartz Published: December 17, 2008 PARIS: In early 2003, as word of Bernard Madoff's apparent Midas touch spread among affluent Eur READ MORE
http://www.iht.com/articles/2008/12/17/business/17exposure.php
What it found that March was anything but routine: Madoff's numbers simply did not add up. Société Générale immediately put Bernard L. Madoff Investment Securities on its internal blacklist, forbidding its investment bank from doing business with him, and also strongly discouraging wealthy clients at its private bank from his investments. The red flags at Madoff's firm were so obvious, said one banker with direct knowledge of the case, that Société Générale "didn't hesitate. It was very strange." While the bank kept the discovery to itself, as is common in the secretive world of wealth management, the information saved Société Générale more than embarrassment: its total exposure to Madoff's apparent Ponzi scheme is less than €10 million, or $13.8 million.
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