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« The $400 Billion Military Jet That Can't Fly On Cloudy Days | Main | NETWORK: 'I'm All Out Of Bullshit' »
Wednesday
Apr102013

Madoff Contacts Congress: 'JPM Was Complicit In My Crime'

JPM knew all about my Ponzi.

Madoff sends info on Ponzi-complicit banks to Congress.

Start watching at 55 seconds.  Bernie keeps banging the drum, this time with a letter from prison sent to Marketwatch editors, after already reaching out to CNBC and Fox Biz in the past 60 days.

---

Marketwatch

Bernard Madoff, speaking out from prison, says the banks knew of his Ponzi scheme all along.  The perpetrator of a history-making $50 billion Ponzi scheme wrote in a letter to MarketWatch from jail that he is now telling government committees the story.

Madoff: “From my first interview to the media I have said that ‘the banks must have known,’ and were complicit and contributing to my crime.”

In the emailed letter, he pointed to J.P. Morgan, Bank of New York, HSBC and Citigroup as having access to information about his scam.  He added that other banks also knew.

Madoff wrote that “the trustee seems unwilling to act on my offer” to help and is therefore “offering this information to the appropriate governmental committees in the hope that this information will prove helpful in future regulation of the appropriate institutions.”

The House Financial Services Committee and the Senate Banking Committee had no immediate comment on whether they had received information from Madoff.  A spokesman for the Office of the Comptroller of the Currency declined to comment.

Madoff’s comments come as prosecutors are looking at whether J.P. Morgan failed to fully alert authorities to suspicions about Madoff’s finances, according to a report in the New York Times on Wednesday.

J.P. Morgan is reportedly also embroiled in a squabble with regulators over a government probe into the institution’s relationship with Madoff.  According to a January report by Reuters, the OCC, J.P. Morgan’s chief regulator, has been unable to obtain documents it requested from the bank in connection with an investigation into its relationship with Madoff.

The report cites a letter from Treasury Department Inspector General Eric Thorson to J.P. Morgan’s general counsel, Stephen Cutler, saying the OCC has been unable to obtain what it is seeking.  Madoff had an account at J.P. Morgan Chase that he used to transfer funds between offices.

 

Earlier tonight:

NYT: JPMorgan Faces Multiple Criminal Investigations

 

 

More detail is here:

Madoff Emails CNBC From Prison, Accuses JPM Of Fraud

 

 

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Reader Comments (19)

Ron White: "You can't fix Stupid"
If someone is doing something illegal & has the trust of those that are complicit in the crime,maybe secret audio & video recordings would be good insurance. "Mr. Prosecutor I may have something that might be of interest to you. If not, the media would probably like to see what may be in my possession."
Apr 2, 2013 at 11:02 AM | Unregistered CommenterTR
Good point, TR. We still don't know what evidence Madoff has.

Here's a few morning links.

GM March sales rise 6.4%; best March in five years

http://www.marketwatch.com/story/gm-march-sales-rise-64-best-march-in-five-years-2013-04-02

They still owe taxpayers billions.
Apr 2, 2013 at 11:12 AM | Unregistered CommenterDailyBail
Apr 2, 2013 at 11:13 AM | Unregistered CommenterDailyBail
Apr 2, 2013 at 11:14 AM | Unregistered CommenterDailyBail
FRANKFURT (MarketWatch) -- Activity in factories across the 17 countries that share the euro contracted at a faster pace in March, the final Markit purchasing managers' index for the sector confirmed Tuesday.

http://www.marketwatch.com/story/pmi-data-shows-deeper-euro-zone-factory-downturn-2013-04-02
Apr 2, 2013 at 11:16 AM | Unregistered CommenterDailyBail
WASHINGTON (MarketWatch) - Orders for goods produced in U.S. factories rose 3% in February to mark the biggest gain in five months, mainly because of increased orders for aircraft, the Commerce Department said Tuesday.

http://www.marketwatch.com/story/us-factory-orders-climb-30-in-february-2013-04-02
Apr 2, 2013 at 11:17 AM | Unregistered CommenterDailyBail
Apple Inc. AAPL +1.88% managed to get a nice uptick on Tuesday morning despite a high-profile slap from Goldman Sachs, which took the company off its “conviction buy” list on worries that the next couple of quarters may be rough for the iconic iPhone maker.

http://blogs.marketwatch.com/thetell/2013/04/02/apple-shrugs-off-bears-for-now/
Apr 2, 2013 at 11:19 AM | Unregistered CommenterDailyBail
Ford better be making money considering they are financed by the taxpayer through a credit line at the Federal Financing Bank. If it wasn't for socialism FORD would have went bankrupt but luckily for them they get free capital and credit from Congress. Must be nice to have the power of America's economy to back your plays so you don't have to assume any real risk.
Apr 2, 2013 at 2:41 PM | Unregistered CommenterDave Mowers
Giving evidence the banks and our corrupt government would rather see buried while your in prison makes for a short lifespan.
Stay out of the showers Bernie!!!
Apr 2, 2013 at 5:56 PM | Unregistered CommenterSagebrush
DB,
I would hope Madoff knew about some skeletons in the "Financials industry" closets & had proof. I was expecting those that were fired in the industry would have loudly blown whistles since 2008. Some could have been bought off or any criminal activity was above their pay grade.
Apr 3, 2013 at 1:47 AM | Unregistered CommenterTR
Bernie was allowed to plea guilty to stem off a Grand Jury, which would have necessitated his being suicided. Apparently he forgets the fix that kept him alive. I imagine Guido or Moe will be given a contract to encourage his vow of silence. A few teeth on the floor of the shower should suffice. Or, he could just as easily be found with his hands in a death grip around his own throat, an obvious suicide.
Apr 3, 2013 at 5:32 PM | Unregistered CommenterAndre in L.A.
The entire Wall St syndicate is Pyramid Scheme.
The Government has also got their own Ponzi Scheme, it's called Treasury Bonds.
So they don't just know about it, they're all in on it. Including the regulators.
Apr 4, 2013 at 10:29 AM | Unregistered CommenterJailBanksters
I, too, wonder if Bernie Madoff is about to get terribly, terribly depressed.
Apr 5, 2013 at 1:48 AM | Unregistered CommenterHoward T. Lewis III
Howard

Here's the problem. I don't think Bernie has any real evidence. He's been making the claim for a few years and he has yet to deliver. It's obvious that JPM knew it was a ponzi, but can he prove it.
Apr 5, 2013 at 4:43 AM | Registered CommenterDailyBail
Maybe Maddy still thinks he didn't do wrong, just going with the flow. His prison situation is probably getting to him now, and trying to bring in some other guys and gals will improve his lot. My guess is, this guy is toast, Jamie will take care of that.
Apr 14, 2013 at 1:08 AM | Unregistered CommenterMachtNichts
Right you are, D.B.. Bernie Madoff has been separated from documents and other evidence. But don't forget your Shakespeare or Hemingway's 'The Old Man and the Sea'. The SEC/FTC CJ welcome wagon was trained and paid to be what they were, when they were. An alert SEC/FTC would have been checking out complaints and doing a bit of nosing around. Congressional and OMB investigators caught the deregulation CJs at it near full time, without any prosecutions. Bernard Madoff has smelled the soap, and found it lacking in the good stuff. He needs friends about now.
Apr 14, 2013 at 3:19 AM | Unregistered CommenterHoward T. Lewis III
Jun 20, 2013 at 7:31 PM | Unregistered Commenterjohn
John, Didn't know if you read any of the stuff on the TPP agreement. Seems as if they have started early with this and ties in nicely with Mr. Titus's views on this issue.
Jun 21, 2013 at 1:30 PM | Unregistered CommenterSKINFLINT

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