Bloomberg: Spanish Banco Santander Offers to Reimburse its Madoff Victims

Now you know why it really is smarter to keep your money in a big bank.

Santander Offers $1.8 Billion to End Madoff Claims
By Charles Penty and Katherine Burton

Jan. 28 (Bloomberg) -- Banco Santander SA will offer 1.38 billion euros ($1.82 billion) to clients who lost money with Bernard Madoff, a settlement that may pressure banks worldwide to reimburse customers blindsided by the alleged Ponzi scheme... more...

Meanwhile, the WSJ reports that the SEC is considering filing perjury charges against Madoff to wit, "SEC Officials Believe Madoff Lied to Them During Past Examinations."

Yes, we'd say that was a fair belief.