A statement by the investment bank said it made no direct investments in hedge funds managed by Madoff. However, it said that some of its clients' money was invested in funds managed by ``first class custodians'' which in turn entrusted those securities to Madoff's investment securities company.French banks foresee nearly euro1 billion ($1.33 billion) in potential losses as indirect victims of Wall Street money manager Bernard Madoff's fraud, with Natixis on Monday estimating its exposure at up to euro450 million ($600.3 million).Madoff was arrested Thursday in what prosecutors say was a $50 billion scheme to defraud investors.Natixis, France's fourth largest bank, set its maximum indirect exposure at about euro450 million, adding that the ``impact of this exposure will depend both on the degree to which assets can be recovered and the outcome of the bank's efforts to recover the assets,'' mainly through judicial means.Societe Generale said its exposure is negligible, below euro10 million ($13.34 million). However, the euro zone's largest bank, BNP Paribas, has estimated its risk exposure to hedge funds managed by Madoff at up to euro350 million ($466.9 million).
In a brief statement Sunday, BNP Paribas said it has no investment of its own in Madoff's hedge funds but ``does have risk exposure to these funds through its trading business and collateralized lending to funds of hedge funds.''

$50 billion Ponzi scheme allegedly orchestrated by asset manager Bernard L. Madoff Investment Securities LLC, the victims are many. One of the notable names to surface that may have been ripped off is Sterling Equities, the real estate firm co-founded by Saul Katz and New York Mets owner Fred Wilpon.CNBC reports that Madoff and Wilpon have been doing business for 20 years, but the extent of possible losses for the Mets owner is unknown at this time. The unknown is likely what's making many, including some baseball officials, nervous. After all, the Mets have the second-highest payroll in baseball at $137 million per year, according to ESPN, and should Wilpon have trouble paying the tab, maybe the worst-case scenario would be selling a stake in the team to meet payroll. And in this economy, finding a qualified buyer could take time -- just ask Sam Zell's Tribune Co., which is trying to sell the Chicago Cubs."Among our various investments, we have accounts managed by Madoff Securities," Sterling told CNBC in a statement. "We are shocked by recent events and, like all investors, will continue to monitor the situation."The Mets don't seem to have much luck with its financial partners lately. The team has received a lot of flack with its naming rights relationship with Citigroup Inc., who reportedly back in 2006 agreed to pay $20 million a year over 20 years to name the team's new stadium, Citi Field. But fast forward two years later, and the struggling bank is figuring out how to survive and received a $20 billion bailout from the U.S. government earlier this month. Some taxpayers are calling for Citigroup to withdraw from the sponsorship deal, but the bank has reaffirmed its commitment.