Views On “Madoff Trustee’s Suit Says J.P. Morgan at ‘Very Center’ of Fraud”
January 21st, 2012 . by adminJ.P. Morgan had a moral, and an ethical, if not legal obligation to raise their concerns about the legitimacy of Bernie Madoff’s operations. If they suspected that there was something wrong with his operation, then they had an obligation to raise those concerns with the proper authorities. They had to have known that he was not legitimate given the very consistency of his returns year after year, even in down markets.
Anyone with even a modicum of common sense , and a fair amount of experience in the markets, would have seen that those returns were not possible in the real financial world. J.P. Morgan of all companies should have recognized this and raised the alarm.
Anyone who works with numbers on an ongoing basis would have soon realized that Bernie Madoff’s funds were giving fairy tale returns. No fund in the real world of finance behaves the way his did. It was statistically impossible. Further, there were also rumors for many years that his funds were not on the up and up. If J.P. Morgan had an even passing acquaintance with other brokers and traders, they would have heard the rumors that were prevalent years before Bernie Madoff’s unmasking. They all knew on the street what was going on. Some members on the street didn’t want to cross Bernie Madoff for fear of repurcussions, but they all knew what was going on.
It’s like that in all the professions. There isn’t anyone of us across this great nation, who are doctors, lawyers, teachers, dentists, business owners and so on, who couldn’t immediately name the morgan freeman hand amputationfull people in their respective professions who are not ethical, moral or trustworthy.
Everyone knows who the bad apples are in their profession. People knew about Bernie Madoff years before he ever ran afoul of the law. So, the traders at J.P. Morgan had to have known he was up to no good.
Yet, they chose to go along with him. They chose to keep him as a client and clear his transactions.
So, now the bill has come due. The party is over, and the waitor is standing there with the check for the financial orgy which has taken place all the these years.
