Documents Link JPMorgan to Madoff’s Ponzi Scheme http://www.truth-out.org/jpmorgan-hid-doubts-madoff-documents-suggest67437

Bank documents made public Thursday revealed JPMorgan Chase executives were aware Bernie Madoff was operating a Ponzi scheme months or even years, before his downfall. The bank allowed Madoff to move billions of dollars in and out of his Chase accounts right up to the day of his arrest in December 2008. Some Chase executives steered clients away from investments linked to Madoff because his “Oz-like signals” were “too difficult to ignore,” while other executives pursued profitable derivatives deals with Madoff. Madoff’s Ponzi scheme needed a bank that would allow him to move large sums of money through his account without “asking questions.” In December 2001, Madoff's Chase account received a $90 million check a day, considered a telltale sign of a Ponzi scheme. In a document uncovered after Madoff's arrest, a Chase executive wrote of the bank’s dealings with Madoff: “Perhaps best this never sees the light of day again!!”

[also see...Obama names JPMorgan's Daley as top aide http://www.reuters.com/article/idUSTRE70540N20110106?feedType=RSS