Suit Claims JPMorgan Aided Madoff’s Fraud.

[elleng]

Source: NYT

Victims of Bernard L. Madoff’s Ponzi scheme have accused his banker, JPMorgan Chase, of aiding his crime by maintaining his checking accounts and trading with his brokerage firm long after the bank itself realized that its prized customer was running a vast fraud.

The accusation was made in a lawsuit filed late Thursday in federal court in Manhattan by lawyers representing one of the latecomers to Mr. Madoff’s scheme, a Florida partnership that deposited $12.8 million with him between October and early December.



Read more: http://www.nytimes.com/2009/04/25/business/economy/25madoff.html?_r=1&hp

[The_Casual_Observer]

1. Madlaugh deposited & withdrew that money from someplace, didn't he.

[PNutt]

2. Yeah, Now There's A Surprise....

Greedy-azz Wall Street Bankers helping someone steal 50 Billion from suckers.....:eyes:

[Dover]

3. JP Morgan is also one of the big banks that offered 'private banking' in offshore accounts

to their preferred customers. And this was legal? How much do Madoff and others have squirreled away in in these tax havens?

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=114&topic_id=46457

[LynneSin]

10. JPMorgan Chase is also not a banker

I may have been someone from JPMorgan Chase but I highly doubt the bank was aware of what was going on.

The article is poorly written and misleading. Of course we jump all over it like flies to shit assuming the entire bank was involved

[No Elephants]

4. JP Morgan was one of the evildoers before the "Great" Depression, too. The more things change....

[pjt7]

5. JP Morgan needs to be chooped up

& sold in small parts.

Obama needs to prove to me he is not attatched the to banking cartel & make this happen.

[baldguy]

6. Received $25 billion in TARP funds.

[Lucky Luciano]

7. Well, they did absorb the very troubled WaMu to help prevent

systemic risk. WIthout that, they would not need the TARP money - that they now want to give back...giving it back would be a good thing, yes?

[LynneSin]

11. Exactly - thank you

And I find an oddity in the article that it was the banker JPMorgan Chase - let me guess, the guy was hanging out with his friends Jethro Tull and Steely Dan - they gave him the idea to help

:eyes:

I would not be suprised if there was a banker from JP Morgan Chase who helped with this. HOWEVER, this does not mean the bank as an entity was involved in any way.

[SeeHopeWin]

8. And more cash from AIG (our money), because AIG had insured their stupid investments...

Need to see more of these mother fuckers in jail!

[PNutt]

12. No, No, No.......

Need more of these greedy bastards swinging from a rope like the cheese eater from fanni-mae.

[LynneSin]

9. That is the most MISLEADING headline and false accusation EVER!!

banker, JPMorgan Chase - Who the hell is that? There is no person named JPMorgan Chase just like there is no Jethro Tull or Steely Dan

What it should be is the name of the person who did it, which doesn't necessarily mean that JPMorgan Chase was actually involved - just a banker that worked for it.

[Jane Eyre]

14. Bank had a fiduciary responsibility to monitor and supervise

It may have been a "rogue employee" within the bank who is responsible, but JP Morgan had a fiduciary responsibility to supervise its employees. The article makes it clear that this was a significantly large account involving billions of dollars which had begun to show an unusual pattern of cash flow. Furthermore, the article mentions commingling of funds which should have raised some red flags along the line. The fact that JP Morgan began pulling its own funds out of Madoff's funds should be enough to trigger an investigation as to what prompted the bank to do that. Were they acting on inside information to save their own money while continuing to accept outside deposits?

[Baby Snooks]

15. The SEC tipped them off...

They're all crooks. Along with the members of Congress who have their own "protection racket" going on. And the new head of the SEC? She was was head of an agency that supposedly knew about Madoff and did nothing.

[sreid01]

13. Not Suprised At All

$50 billion dollars is a lot for one man to take the entire brunt of. He had to have some help and I'm not surprised if JP is involved. Somebody or other entities knew what Maddoff was doing and helped.
http://www.usfreeads.com/1764283-cls.html">Applications For Personal Free Government Grants

[CountAllVotes]

16. well duh ...

JP MORGAN is on Madoff's client list (posted below - a .pdf file showing all of the names).

http://www.cbsnews.com/htdocs/pdf/madoffvictimslist.pdf

:dem: :kick: