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  1. stjeanluc
    January 8th, 2014 at 9:10 am

    That's why we hate them bankers…

    http://www.businessinsider.com/jpm-knew-madoff-was-a-fraud-said-nothing-2014-1

    The bank itself was invested with Madoff through a number of feeder funds. According to Bharara, in the fall of 2008, a JP Morgan memo laid out what was wrong with Madoff. It questioned his "odd choice of a one man accounting firm, " and said that there were "various elements of this story that" made the bank "nervous."

    Two weeks later, the bank sent a memo to UK regulators saying that Madoff's returns were suspicious.

    That was around October/November 2008, and as that was going on, JP Morgan also took $275 million of its money out of Madoff feeder funds.

    He was arrested on December 11, 2008.

    We have to bail them out when they wreck the system, then they complain about high taxes (which are needed to replenish the coffers that they emptied) but they only think of themselves even when they suspect fraud where 100's of investors will get crushed. And in most cases, they participate in the crushing! Bastards.



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