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.
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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
Reader Comments (19)
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."
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.
http://www.marketwatch.com/story/ford-march-sales-up-57-best-month-since-may-07-2013-04-02
http://www.marketwatch.com/story/teslas-awful-sales-news-2013-04-01
http://www.marketwatch.com/story/pmi-data-shows-deeper-euro-zone-factory-downturn-2013-04-02
http://www.marketwatch.com/story/us-factory-orders-climb-30-in-february-2013-04-02
http://blogs.marketwatch.com/thetell/2013/04/02/apple-shrugs-off-bears-for-now/
Stay out of the showers Bernie!!!
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.
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.
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.
http://www.reuters.com/article/2013/06/20/us-madoff-decision-idUSBRE95J0U120130620