Word: bankes
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Dates: during 2000-2009
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...from Bear Stearns executives that Madoff's investments were phony." JPMorgan Chase acquired Bear Stearns in March 2008. "Bear Stearns had done deals with Madoff. They were on boards together," Kleinhendler says, and therefore, he posits, perhaps executives at Bear knew Madoff's business was fishy and tipped the bank...
Chase asserts that its withdrawal was normal procedure. The bank withdrew the $250 million when it "became concerned about the lack of transparency to some questions we posed as part of our review," said Chase spokeswoman Kristin Lemkau in a January 2008 New York Times article. A Chase spokesman did not comment further. Fairfield had no comment...
...International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 makes it illegal for a bank to accept funds it knows, or has reason to believe, were derived from fraud. In addition, it's obliged to report its suspicions to authorities. A tangle of federal and state agencies could investigate such potential banking duplicity, but for national banks like JPMorgan Chase the first overseer is the Department of the Treasury's Office of the Comptroller of Currency. OCC examiners conduct on-site reviews of national banks and provide supervision of bank operations. For OCC to investigate, it must first...
...nonbanker, what quickly becomes apparent is that the elaborate and formal process for banks' reporting suspicious characters makes it quite possible that a quiet, close-to-the-vest player like Madoff who is not part of any global crime syndicate could operate comfortably for a long time and have a happy bank as his unwitting accomplice. Perhaps in this new push to reform bank practices, that process is worth revisiting...
...supersales at your local department store in which they offer great deals on a couple of things in the hopes of getting enough people in the door so they can move the crap too? That's sort of what the Treasury Department and Tim Geithner are doing with the bank plan that was rolled out on Monday...