The BBC brings in perspective from a well-known fund manager in the U.K. She emphasizes the scale of Madoff’s fallout by comparing it to another financial scandal by a French trader earlier this year:

"I mean I think now it’s very difficult for people to invest in things that are meant to be regulated in America because they have fallen down on the job and you know this is all through the credit crunch that this has been apparent and this is the biggest financial scandal pulled up in the history of the market. $50bln, just put it in context. There was a big scandal at the beginning of the year with the French trader in Soc Gen who owed $7bln. That was a big deal. $50bln. It’s a huge amount of money.”

Bloomberg reports Madoff was already removed from a U.K. list of “approved” financial services providers, along with his brother and two sons.

ClusterStock features a slideshow of individuals and institutions who became the victims of Madoff's fraud. Some of them include key players across Europe:

Banco Santander, a Spanish bank that has the largest market value in the Eurozone; Pioneer Investments, a subsidiary of leading European financial group UniCredit; Britain’s HSBC, which reportedly has lost $1 billion; and France’s largest bank by market value, BNP Paribas.

Non-profit news service for Jewish people JTA is keeping track of the groups that suffer losses from their endowments in Madoff’s company. At least two foundations have been forced to shut down. The president of a Jewish nonprofit comments on the incident:

“In many ways for all investments something like this is tragic, but for nonprofits where boards have the fiduciary responsibility of acting with great prudence, it is even more tragic.”

The Wall Street Journal looks ahead to the arrival of new SEC chief Mary Schapiro who was chosen by President-elect Barack Obama.

It looks into Schapiro’s background and reports she has ties with the Madoff family:

“Madoff and members of his family were active for decades in the National Association of Securities Dealers, which Ms. Schapiro led. ... In 2001 she appointed Mark Madoff, son of disgraced financier Bernard Madoff, to the board of the National Adjudicatory Council...”