I used to hate only Goldman Sucks. Now I am adding JP Morgan to this list. Crooks!!!!! http://online.wsj.com/article/SB100...22300990479090.html?mod=WSJ_hp_LEFTTopStories J.P. Morgan Chase & Co. stood "at the very center" of Bernard Madoff's fraud, according to a lawsuit unsealed Thursday that reveals for the first time how bank employees' concerns allegedly went unheeded and irregularities in his accounts were overlooked. Bloomberg News Irving Picard, the trustee liquidating Bernard L. Madoff's investment firm .The $6.4 billion lawsuit, filed in December and unsealed in federal bankruptcy court Thursday, says J.P. Morgan reported its long-held suspicions of Mr. Madoff to British authorities in late October 2008, less than two months before he surrendered and the fraud was exposed. The 115-page lawsuit, which seeks the return of $1 billion in J.P. Morgan's profits and fees, and $5.4 billion in damages, also goes into great detail about the bank's efforts, starting in about 2006, to make money by offering products tied to Mr. Madoff through investment funds that fed money to him. It also says the bank didn't pay attention to billions of dollars passing through the Madoff's firm's main J.P. Morgan account, much of it by hand-written check, or discrepancies in the account balance and unreported obligations, including a $95 million loan. More Talks Between Picard, Mets Owners Break Down Deal Journal: Madoff Fraud = The Emperor Has No Clothes Topics: Bernard Madoff Earlier: Trustee Sues J.P. Morgan for $6 Billion ."They had, legally, an obligation to make inquiry, and they didn't," said David Sheehan, an attorney for Irving Picard, the trustee recovering losses for victims of the Ponzi scheme. "You're literally seeing millions of dollars going in and out on a daily basis, and not one phone call is being made." According to the suit filed by Mr. Picard, the bank filed a suspicious-activity report to the U.K.'s Serious Organised Crime Agency in October 2008. J.P. Morgan allegedly told the regulator that concerns around Mr. Madoff's business were based on the "investment performance achieved by its funds which is so consistently and significantly ahead of its peers, year-on-year, even in the prevailing market conditions, as to appear too good to be trueâmeaning that it probably is." In a statement, J.P. Morgan said the lawsuit "is is meritless and is based on distortions of both the relevant facts and the governing law." The bank said it "did not know about or in any way become a party to the fraud orchestrated by Bernard Madoff," and that Madoff's firm "was not an important or significant customer" in the scheme of its overall commercial banking business. Read the Document View Document .."J.P. Morgan intends to defend itself vigorously against the unfounded claims brought by the trustee," the bank said. According to the lawsuit, which cited internal emails, employees in the bank's Equity Exotics & Hybrids Desk found that the feeder funds knew little about Mr. Madoff's operations, including the identities of counterparties, and they asked few questions. "It's almost a cult [Madoff] seems to have fostered," one employee observed.
As major as this news might be towards jp morgan it will go unnoticed and millions of people will still do business with them......
Seeing as the Big Banks are buying the smaller banks Americans will soon have no choice but to do business with the likes of JPM, BAC, and such. The mom and pop banks are going to be a thing of the past, unfortunately. Consolidation in the banking industry is definitely detrimental to the consumer.
J.P. Morgan Chase & Co. stood "at the very center" of Bernard Madoff's fraud, ---------------- The SEC stood "at the very center". Markoplos was front and center.
What is the difference between USA and a third world country if JP Morgan Chase can get away with this shit?
Crime syndicates, aka governments/corporations, usually have a violent element to enforce their will upon the people when operating in third world countries. In the USA we have the Fed to do that. Also, in third world countries when one crime syndicate gets overthrown by another, it's usually very bloody. In the USA we have this great scam going called elections. We can choose between Lucky Luciano or Al Capone every four years. In 2008 we got a twist and elected Frank Lucas.
Yes, he always has the best interests of his customers in mind. A perfect model of a Great American. If you don't believe me, just ask him yourself.
The difference is that in a third world country they get angry and protest in the streets. Here in the U.S. we sit at our computers and take it up the ass. Tweet tweet. Post post. There, now I've protested.