Hans Christian Andersen, The Emperor's New Clothes
"For whatever it[']s worth, I am sitting at lunch with [JPMC
Employee 1] who just told me that there is a well-known cloud over the
head of Madoff and that his returns are speculated to be part of a [P]onzi
scheme."
[JPMC Employee 2], Risk Officer, Investment
Bank, JPMC, June 15, 2007
1. The story has been told time and time again how Madoff duped the best and the
brightest in the investment community. The Trustee's investigation reveals a very different story--the story of financial institutions worldwide that were keen to the likely fraud, and decidedly turned a blind eye to it. While numerous financial institutions enabled Madoff's fraud, JPMC was at the very center of that fraud, and thoroughly complicit in it.
2. JPMC was BLMIS's primary banker for over 20 years, and was responsible for
knowing the business of its customers--in this case, a very large customer. JPMC is a
Next Page 1 | 2 | 3 | 4 | 5 | 6
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
