There’s no love lost

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This comes from Nation News in Barbados, regarding the Madoff fraud:

The largest known loser in the Caribbean is M-Invest Limited, an offshore company in the Cayman Islands that has been hit for hundreds of millions of dollars, maybe as much as US$700 million belonging to private investors who had originally placed their money in an elite private Swiss Bank, Union Bancaire Priv?©e.

UBP, a 39-year-old financial institution founded by Edgar de Picciotto, has more than US$125 billion in assets. On its list of clients are some of the world's wealthiest people and institutions scattered across Europe, North America, Latin America, the Middle East and elsewhere.

Shortly after the turn of the 21st century, UBP decided to set up an arm called M-Invest Limited and registered it in the Cayman Islands. The main purpose, according to people in Paris, Geneva, New York and London, was to channel hundreds of millions of dollars into various investment houses on Wall Street and in Europe. In the process it would earn hefty returns while keeping the transactions secret, away from the prying and covetous eyes of the United States Treasury, the Chancellor of the Exchequer in London, and their counterparts in Paris.

I added the italics.

Barbados is not a saintly place. Interesting that even they think that Cayman was being used for tax fraud in this case.

My guess is that they've said so with some confidence.