The Phaserl


Madoff Has Insisted All Along That J.P. Morgan Knew About Ponzi Scheme

“It was very obvious to the banks what was going on.”

by Sital S. Patel , Market Watch:

Bernie Madoff has been insisting for five years that the banks knew and were complicit in his massive Ponzi scheme, that defrauded customers out of billions of dollars and left people devastated.

“With me, they turned a blind eye,” said Madoff in an in-person interview in early May, at a federal prison in Butner, North Carolina.

Madoff spent much of the two hours emphatically insisting the banks on Wall Street were complicit in his Ponzi scheme, but left him alone because he was a major client for them.

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