http://smirkingchimp.com/thread/russ-baker/34331/giving-chase-egypt-ok-but-what-about-america-s-oligarchsWith all the attention on crowds of ordinary people rising up and asserting themselves against corruption and self-dealing by an oligarchy, we’re missing what the oligarchs are doing right at home. Take, for example, the activities of one of our biggest banks, JPMorgan Chase.
Newly released documents show that high officials of the bank knew for a long time that Bernard Madoff was running a Ponzi scheme, but did nothing to protect his investors—though they did protect their own investments tied to him. As reported in The New York Times in an article that, unfortunately, was missed by many with all the other recent headlines:
Senior executives at JPMorgan Chase expressed serious doubts about the legitimacy of Bernard L. Madoff’s investment business more than 18 months before his Ponzi scheme collapsed but continued to do business with him, according to internal bank documents made public in a lawsuit on Thursday.
On June 15, 2007, an evidently high-level risk management officer for Chase’s investment bank sent a lunchtime e-mail to colleagues to report that another bank executive “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.”
More at the link --
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