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Trustee's Complaint on JP Morgan

By       Message Lawrence Velvel       (Page 2 of 6 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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Hans Christian Andersen, The Emperor's New Clothes

 

"For whatever it[']s worth, I am sitting at lunch with [JPMC

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Employee 1] who 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 [P]onzi

scheme."

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[JPMC Employee 2], Risk Officer, Investment

Bank, JPMC, June 15, 2007

 

1.          The story has been told time and time again how Madoff duped the best and the

brightest in the investment community. The Trustee's investigation reveals a very different story--the story of financial institutions worldwide that were keen to the likely fraud, and decidedly turned a blind eye to it. While numerous financial institutions enabled Madoff's fraud, JPMC was at the very center of that fraud, and thoroughly complicit in it.

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2.         JPMC was BLMIS's primary banker for over 20 years, and was responsible for

knowing the business of its customers--in this case, a very large customer. JPMC is a

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Lawrence R. Velvel is a cofounder and the Dean of the Massachusetts School of Law, and is the founder of the American College of History and Legal Studies.

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