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Posts Tagged ‘JP Morgan Bernie Madoff’

JPMadoff: New Site Hits JPMorgan Hard in re: Madoff

Posted by Larry Doyle on August 12th, 2014 11:46 AM |

In early January of this year, JP Morgan was hit with a $2 billion fine and a deferred prosecution agreement for its failures to properly manage and monitor its 20-plus year relationship with the Sultan of Swindle Bernie Madoff.

In my opinion, that settlement had little meaningful correlation with what most in our nation would define as justice. I wrote as much in my commentary, JP Morgan – Madoff: Lots of ‘CYA’ But Little ‘KYC’.

After this settlement was finalized, I can only assume that many of the folks at FINRA, the SEC, DOJ, SIPC (Securities Investor Protection Corporation), and certainly JP Morgan exhaled a welcome sigh of relief to see the JPM-Madoff affair fading into the rear view mirror.

Not so fast!! (more…)

Buy Used Car from Barclays, BNP Paribas, GM, et al?

Posted by Larry Doyle on July 1st, 2014 8:08 AM |

In light of recent developments I am compelled to wonder why anybody might care to deal with the following organizations:

1. Barclays: New York Attorney General Eric Schneiderman lays out detailed allegations showing the bank to have engaged in a ‘pernicious fraud’ and lied to customers regarding the operation of its equity dark pool. In the process, Barclays allowed high frequency trading firms to act in a predatory fashion against other clients.

2. BNP Paribas: as Reuters details:

The bank essentially functioned as the “central bank for the government of Sudan” (LD’s edit: Sudan has long been regarded as a state sponsor of terrorism), concealed its tracks and failed to cooperate when first contacted by law enforcement, U.S. authorities said.

(more…)

JP Morgan – Madoff : Lots of ‘CYA’ But Little ‘KYC’

Posted by Larry Doyle on January 8th, 2014 7:46 AM |

Oh what a tangled web we weave when first we practice to deceive.

All too often we have heard senior level individuals from an array of financial institutions and regulatory agencies say that they too were deceived by the master swindler Bernie Madoff.

That sort of lame excuse might work for a naive young teenager duped by an online scam artist trying to make a quick buck. It certainly does not and should not hold any water for senior level bankers running an institution like JP Morgan. Why is that? (more…)






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