I would ask several questions:
1. Did Madoff really pay $1 billion in fees for his checking account? I would think he could have got a better deal than that, no matter how many wire transfers he made.
2. Were the investment bankers, who decided that Madoff’s fund was not advisable for purchase, have knowledge that Madoff also had his checking account at JPM? After all, they didn’t work in the transaction processing department, or even in the same city.
Irving Picard FOR SEC CHAIR!!!!
So this jerk-off decides to file a frivolous law suit and now JPM-Chase will be forced to spend millions in defense costs, or to pay ransom to get this ass-wipe off their back.
Even Picard doesn’t want this case to go to court, ‘cause then he would have to spend defense money out of the money he’s already extorted from others.
Looking at the vast majority of investors, I wouldn’t argue with anyone if they labeled this Holocaust II.