Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Madoff said JPMorgan executives knew of his fraud: lawsuit
Yahoo Finance ^

Posted on 02/20/2014 5:30:20 PM PST by Red in Blue PA

NEW YORK (Reuters) - Two senior officials at JPMorgan Chase & Co and predecessor companies repeatedly confronted Bernard Madoff over irregularities in his business, a new lawsuit said, suggesting that bank leaders had "direct knowledge" of his Ponzi scheme.

The lawsuit filed in federal court in Manhattan on Wednesday on behalf of shareholders against Chief Executive Jamie Dimon and 12 other current and former executives and directors was based in part by statements made by Madoff himself during a series of interviews.

"JPMorgan was uniquely positioned for 20 years to see Madoff's crimes and put a stop to them," the lawsuit said.

"But faced with the prospect of shutting down Madoff's account and losing lucrative profits," it added, "JPMorgan - at its highest level - chose to turn a blind eye."

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: jpmorgan; jpmorganchase; madoff

1 posted on 02/20/2014 5:30:20 PM PST by Red in Blue PA
[ Post Reply | Private Reply | View Replies]

To: Red in Blue PA

Of course they knew. They had to ignore a whole host of rules, regulations and laws for Madoff to get away with it.


2 posted on 02/20/2014 5:33:29 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: driftdiver; null and void

If nothing else kill off a few or half dozen JPMorgan bankers and this will all just go away.


3 posted on 02/20/2014 5:41:33 PM PST by bigheadfred
[ Post Reply | Private Reply | To 2 | View Replies]

To: bigheadfred

Perhaps this is why so many bankers are offing themselves in recent weeks.


4 posted on 02/20/2014 5:42:52 PM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Red in Blue PA

Their fall back defense will be that the scam was so sophisticated that even the “SEC” couldn’t discover it so how could a few backwater bankersters discover the fraud.


5 posted on 02/20/2014 5:43:49 PM PST by RetiredTexasVet (On a good day Slow Joe doesn't do anything incredibly stupid ... waiting for that first good day!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Red in Blue PA

Supposedly offing themselves.


6 posted on 02/20/2014 5:43:52 PM PST by bigheadfred
[ Post Reply | Private Reply | To 4 | View Replies]

To: bigheadfred

I think they are at 7 dead bankers now.


7 posted on 02/20/2014 5:45:50 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: driftdiver

Somehow that doesn’t bother me.


8 posted on 02/20/2014 5:46:54 PM PST by bigheadfred
[ Post Reply | Private Reply | To 7 | View Replies]

To: Red in Blue PA

Wow, love that this is public!


9 posted on 02/20/2014 5:52:27 PM PST by mgist (.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: driftdiver

Not necessarily. As to their awareness, I would think it depends on what type of accounts were maintained. Without a credit relationship, the bank would not have financial records that would disclose irregularities. I also assume that deposits were made by check or wire transfer and that cash reporting requirements were never met. If large amounts of cash were involved, bank regulators may bear some of the blame as well. That said, if bank officers ever recommended his investments, made introductions,or made loans for the purpose of investing in the Ponzi scam, then they have a real problem.


10 posted on 02/20/2014 5:58:42 PM PST by Boomer One
[ Post Reply | Private Reply | To 2 | View Replies]

To: driftdiver; All

I sure hope that if they have any kind of case the Madoff’s victims can recover some loses from JP Morgan.


11 posted on 02/20/2014 6:02:50 PM PST by gleeaikin
[ Post Reply | Private Reply | To 2 | View Replies]

To: mgist

http://dailycaller.com/2012/11/26/bernard-madoff-praised-obamas-new-sec-chairwoman-in-2009-terrific-lady/?onswipe_redirect=no

We are all being conned.


12 posted on 02/20/2014 6:03:54 PM PST by mgist (.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: mgist

And our so called “free market” funded Obama, who in turn funnels $billions a month to them. Our so called “free market” seems to have a thing for despotic regimes.

http://dailycaller.com/2013/08/21/jp-morgans-venezuelan-cronyism-reaches-a-boiling-point/?onswipe_redirect=no


13 posted on 02/20/2014 6:05:39 PM PST by mgist (.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Red in Blue PA

Geez,JP Morgan/Chase is a class A stockholder in the fed.


14 posted on 02/20/2014 6:11:31 PM PST by plainshame
[ Post Reply | Private Reply | To 1 | View Replies]

To: plainshame

Media failed to notice Madoff a TOP Democrat donor. Imagine that?

https://www.opensecrets.org/news/2008/12/madoff-and-company-spent-nearl.html


15 posted on 02/20/2014 6:31:56 PM PST by mgist (.)
[ Post Reply | Private Reply | To 14 | View Replies]

- “Dogcrap” Obama grabs cash in any form from his fellow criminals -

- Think how much Hussien II will be getting from his mideast Muzzie buddies for blocking the Pipeline and any drilling in the Gulf of Mexico


16 posted on 02/20/2014 7:04:23 PM PST by devolve (- a 3 year boy on TV news today : "Please Jesus make it warm!" -)
[ Post Reply | Private Reply | To 15 | View Replies]

To: bigheadfred

Well, bankers are “suiciding” at a high rate these days.


17 posted on 02/20/2014 7:31:27 PM PST by originofstrength
[ Post Reply | Private Reply | To 3 | View Replies]

To: originofstrength

its the new quantitative easing


18 posted on 02/20/2014 7:34:16 PM PST by bigheadfred
[ Post Reply | Private Reply | To 17 | View Replies]

To: bigheadfred

Ah.


19 posted on 02/20/2014 7:36:56 PM PST by originofstrength
[ Post Reply | Private Reply | To 18 | View Replies]

To: Red in Blue PA

The source of all this is the repeal of the depression era law separating investment banks from regular banks. Remember to thank Bill Clinton like herpes the gift that keeps on giving


20 posted on 02/21/2014 4:02:18 AM PST by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jimmy Valentine

I thought it was Sorosis of the Constitution.


21 posted on 02/21/2014 4:35:52 AM PST by mgist (.)
[ Post Reply | Private Reply | To 20 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson