Skip to comments.Madoff said JPMorgan executives knew of his fraud: lawsuit
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 ...
Of course they knew. They had to ignore a whole host of rules, regulations and laws for Madoff to get away with it.
If nothing else kill off a few or half dozen JPMorgan bankers and this will all just go away.
Perhaps this is why so many bankers are offing themselves in recent weeks.
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.
Supposedly offing themselves.
I think they are at 7 dead bankers now.
Somehow that doesn’t bother me.
Wow, love that this is public!
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.
I sure hope that if they have any kind of case the Madoff’s victims can recover some loses from JP Morgan.
We are all being conned.
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.
Geez,JP Morgan/Chase is a class A stockholder in the fed.
Media failed to notice Madoff a TOP Democrat donor. Imagine that?
- “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
Well, bankers are “suiciding” at a high rate these days.
its the new quantitative easing
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
I thought it was Sorosis of the Constitution.