JP Morgan is going to have to shake the couch cushions again to come up with the $2 billion they were just fined for helping Bernie Madoff rip everybody off... JPMorgan Chase Faces $2B Madoff Penalty http://abcnews.go.com/blogs/business/2014/01/jpmorgan-chase-faces-2b-madoff-penalty/ Welcome to 2014, JPMorgan Chase. The giant bank is close to making another big payout to federal regulators. This time the alleged wrongdoing involves what the bank didnât tell investors after receiving warnings that Bernard Madoffâs money management business was a fraud. The latest settlement would mean the biggest US bank has paid about $20 billion to settle government investigations and lawsuits in the past 12 months. According to published reports an announcement is likely this week. JPMorgan Chase would pay about $2 billion in penalties related to Madoff and most of the money will go to his victims. The New York Times says the Madoff settlement âwould also involve a so-called deferred prosecution agreement, a criminal action that would essentially suspend an indictment as long as JPMorgan acknowledged the facts of the governmentâs case and changed its behavior.â That kind of agreement is very unusual for a big bank.
It would be nice if those pussies at the FBI and SEC would actually arrest somebody. You know, charge them with an actual crime.... That is their job, isn't it?
May be people like you could also do their job, aka tipping them. They have a page called "submit a tip on crime": "Please use this website to report suspected terrorism or criminal activity. Your information will be reviewed promptly by an FBI special agent or a professional staff member. Due to the high volume of information that we receive, we are unable to reply to every submission; however, we appreciate the information that you have provided." https://tips.fbi.gov/ http://www.fbi.gov/about-us/investigate/what_we_investigate white collar crime is actually 7th on their "Criminal Priorities". As you can imagine, I am all for making these professional job even more easier. I wonder why.lol.
JPMorgan settles Madoff fraud claims for $1.7B http://www.wral.com/jpmorgan-settles-madoff-fraud-claims-for-1-7b/13277716/ PMorgan Chase & Co., already beset by other costly legal woes, has agreed to pay $1.7 billion to settle criminal charges that the bank ignored obvious warning signs of Bernard Madoff's massive Ponzi scheme, federal authorities said Tuesday. The $1.7 billion represents the largest ever forfeiture by a U.S. bank and the largest Department of Justice penalty for a Bank Secrecy Act violation, the government said. The settlement includes a so-called deferred prosecution agreement that requires the bank to acknowledge failures in its protections against money laundering but also allows it to avoid criminal charges. No individual executives were accused of wrongdoing. The deal was announced by the office of U.S. Attorney Preet Bharara, who scheduled an afternoon news conference to detail the agreement to resolve criminal charges: two felony violations of the Bank Secrecy Act in connection with the bank's relationship with Bernard L. Madoff Investment Securities, the private investment arm of Madoff's former business. Under the agreement, the criminal charges will be deferred for two years as JPMorgan admits to its conduct, pays the $1.7 billion to victims of Madoff's fraud and reforms its anti-money laundering policies, prosecutors said in a release. (More at above url)
people tried that and it didn't' worked. http://en.wikipedia.org/wiki/Harry_Markopolos if you have criminals in DC at the top,what else you should expect from the system? http://news.yahoo.com/senator-ron-j...hcare-subsidy-congress-142441551--sector.html btw-the article above been modified several times, from first time it was out. how about that..
I am quiet amazed that actually someone did so much to try to raise the alarm bell. wow. It looks like Madoff stich up the all SEC - family members in all key positions... I wonder if he would have had more effect updating the fbi as well as the SEC. I am just curious: any idea how much the various mafia lost with Madoff? hmmm there were actually a story that his happy son committed suicide?