lynnf
02-06-2011, 06:29 PM
http://www.newser.com/story/111241/trustee-jpmorgan-knew-of-madoffs-ponzi-scheme.html
(Newser) – Newly revealed court documents in the Bernie Madoff case show that JPMorgan Chase had serious doubts about the con man's investments more than a year before the bottom fell out—but kept right on letting him move billions in investor cash through his accounts, reports the New York Times. Consider this damning email from June 2007, 18 months before Madoff's arrest: One risk management officer wrote than another bank exec “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 Ponzi scheme.”
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(Newser) – Newly revealed court documents in the Bernie Madoff case show that JPMorgan Chase had serious doubts about the con man's investments more than a year before the bottom fell out—but kept right on letting him move billions in investor cash through his accounts, reports the New York Times. Consider this damning email from June 2007, 18 months before Madoff's arrest: One risk management officer wrote than another bank exec “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 Ponzi scheme.”
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