December 17, 2008

The Connected World

Just in case you still doubt the reach of the astounding and unbelievable financial scandal the is the Madoff case in NY,  one of the major Formula 1 sponsors, Spain's Banco Santander is reported to have had an exposure through one of it's subsidiary hedge funds of 2.33 Billion Euros to Madoff's company . Even though the bank's own losses may be of "only" 17 million Euros, the implications for Santander's future potential involvement in Formula 1 could be huge.

Santander, Mclaren's sponsor in recent seasons had recently announced future plans to sponsor Ferrari and of course have been instrumental with Fernando Alonso's career.
On a side note, in recent weeks Honda left F1, Subaru and Suzuki left WRC, Audi and Porsche left ALSM... There is going to be a lot of talent looking for rides in NASA club racing if this keeps up!

Here is a clip of Madoff perfectly illustrating the Italian saying: 
"La faccia come il culo".

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