Madoff trustee Irving Picard has picked his biggest target yet in a series of "clawback" lawsuits: JPMorgan. Picard is seeking $6.5 billion from the JPMorgan, which was Bernie Madoff's primary banker, for "enabling" fraud, according to CNBC. The trustee says JPMorgan should have recognized fraudulent activity. Picard filed 100 lawsuits just yesterday as part of a flurry of lawsuits filed before the mid-December deadline. He had recovered around $1.5 billion by Sept. 30 and sought to recover $18.5 billion, according to Dealbook. The largest lawsuit filed yesterday was against Blue Star Investors for $20 billion. http://finance.yahoo.com/news/Madoff-Trustee-Sues-JPMorgan-siliconalley-1055748638.html?x=0&.v=2 Short 39.14
By my memory, There was someone like Madolf during 1930s crash. His name was Michael Withiney, the president of NASDAQ. He used his clients' security as collateral to keep buying one stock. Each time the stock went down, he would buy substantial amount so to keep it up. Finally he ran out of client's security and the stock price collapsed. He was busted.
This is turning ugly As long as we have greedy people in WS, we will have this problem We don't need smart crooks We need honest and smart people. There are many out there but the system picks the crooks. Why?