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A Look At JPMorgan Chase's 20 Years of Watching Madoff Commit Crimes
Key Excerpts from Article on Website of Forbes
Posted: May 29th, 2016
http://www.forbes.com/sites/kotlikoff/2014/09/26/jpmorgan-ch...
Helen Davis Chaitman, the lead attorney for Madoffs victims and the author of The Law of Lender Liability, and Lance Gotthoffer, one of our nations premier litigators, are blowing the whistle on JPMorgan Chase big time. Their explosive ... book [is titled], JPMadoff: The Unholy Alliance Between Americas Biggest Bank and Americas Biggest Crook. This book is ... about the incestuous relationship between so-called U.S. federal prosecutors, politicians for whom they worked, and the flow of Wall Street money to those politicians. JPMC knew, for 20 years, that Madoff was conducting illegal transactions in his account at the Bank. JPMC had a unique window into Madoffs crimes. And they said nothing to federal authorities ... in clear violation of our banking laws. In 1994 a JPMC officer wrote a memo analyzing the check kiting and calling it outrageous. But what he thought was outrageous was not that Madoff [was] violating the law, but that [he was] being paid interest by the Bank on uncleared funds. As a result, JPMC allowed the transactions to continue but required Levy and Madoff to pay back the interest the Bank had paid them on uncleared funds. In January 2014, JPMC paid over $3 billion to settle civil and criminal charges that it violated the law in its dealings with Madoff. They [had] waited until after Madoff confessed and was arrested to report to United States law enforcement that Madoff might have been operating illegally.
Note: JP Morgan Chase's role in the Madoff scandal is outrageous, but it is relatively minor in comparison to the massive securities fraud and cover-up perpetrated by this and other big banks in cooperation with corrupt government officials. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
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