View Full Version : Bernie Madoff - 'Big Banks Knew' what was going on' during his Scam!

10th April 2011, 04:45
Bernie Madoff points finger at big banks who 'knew what was going on' during his scam

By David Gardner - 9th April 2011

Top Wall Street executives knew about Bernie Madoff's multi-billion dollar scam but didn't do anything about it, the jailed swindler has revealed in a bombshell new interview.

Madoff, now 72, pointed a finger at senior executives at JPMorgan Chase. And he claimed that other banks were 'going to have big problems' when all the facts are disclosed.

In the jailhouse interview with the Financial Times, Madoff said all the banks he worked with had sufficient information about his accounts to detect any suspicious activity.

Mastermind: Madoff is now serving a 150-year sentence in prison

Madoff said: 'I am not a banker, but I know that $100 billion going in and out of a bank account is something that should alert you to something.

'There were senior people at the bank who knew what was going on,' he added. He didn't elaborate any further in what was described as a 'rambling' interview.

The accusation comes four months after JPMorgan Chase was sued by trustee Irving Picard on behalf of Madoff's cheated investors.

Blamed: Bernie Madoff said these banks are 'going to have big problems' when all the facts are disclosed about their complacency in his crimes

Suing: Trustee Irving Picard has sued JPMorgan Chase on behalf of Madoff's cheated investors, accusing the bank of being 'wilfully blind to the fraud'

Mr Picard told the FT: 'JPMorgan doesn't have a chance in hell of not coming up with a big settlement. JP Morgan got all the financial statements.'

The bank, one of America's big four with Bank of America, Well's Fargo and Citigroup, denies that any employees knew about Madoff's illegal activities. The bank called Madoff's claims 'patently false' and said it followed all laws and regulations. Madoff insisted that HSBC and UBS, two more banks being sued by Mr Picard, would also have difficulty explaining their relationship with him.

HSBC told the FT it did not know that fraud was being committed and that it lost $1billion of its own money as a result. UBS said it was not aware of wrongdoing by Madoff. Madoff is in prison in Butner, North Carolina, serving a 150-year prison sentence for masterminding the biggest Ponzi scheme in history.

In prison, Madoff works four days a week, 10am to 7pm, manning the commissary. Ironically, the prison store is called the 'money management department.' Madoff also said he has been in talks with several business schools to consult on ethics courses.


Lost Soul
10th April 2011, 05:38
In an interview, Madoff said that the U.S. Government was the biggest ponzi scheme ever. He's right and social security is something I and others my age will never collect from. He also said that the stock market is rigged and that the little guy is a sucker. He's right on that mark too.

Lord Sidious
10th April 2011, 12:06
So the scam artists (bankers) didn't report another scam artist that they made money from?
Get outta here!