JPMorgan Chase Made Nearly a Billion Dollars from Madoff

[kpete]

Source: CNBC

A new study of Bernie Madoff's Ponzi scheme concludes that JPMorgan Chase made over $900 million in pretax profits from the Madoff scam.

The academic paper by Dr. Linus Wilson, a finance professor at University of Louisiana at Lafayette, makes use of newly released data and different methods of calculation than previous studies.

Wilson's paper looks at total Madoff- linked account balances at JPMorgan Chase from 1986 to 2008, a longer period than earlier studies, which may have underestimated JPMorgan's profits.

The total figure Wilson arrives at is $907 million.

Read more: http://www.cnbc.com/id/41886242

[sarcasmo]

1. They should be forced to return that money to the victims.

[Sonoman]

3. 2 cents on the dollar wouldn't help anyone.

Madoof made of with over $50BILLION.

$900M seems like a lot, until it is compared to a number like $50,000,000,000.

That is when one can begin to grasp the outrageous scale of that con. There is simply no way that Wall Street and the banking houses were unaware of it.

Sonoman

[Tansy_Gold]

6. 2 cents here, 3 cents there, a nickel somewhere else, and

pretty soon it all adds up.

[4dsc]

2. Give it back Citi..

Make them give it back to the people.

[PurityOfEssence]

4. Which is why they need to take away our free checking...

Now I get it...

[aquart]

5. Claw it back.

And leave scars.