Word: banking
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...Bernard Madoff passes time as inmate No. 61727-054 in the Metropolitan Correctional Center in lower Manhattan, questions about his giant scheme continue to dog investigators and the public. Among them is the curious relationship Madoff had with his bank, JPMorgan Chase...
...puzzler for money chasers in Madoff's $65 billion Ponzi is why the multibillion-dollar bank account he kept at Chase never came under suspicion by internal bank compliance systems or managers in charge of Madoff's account. (Watch TIME's video about Madoff's trial...
...Jackson says. "If it's set up for a high-volume and multiple-wire-transfers account, then it won't reveal anything strange when there's lots of activity, like Madoff's account. The only way to stop this kind of fraud is for the bank to know its client better and to report things that might be suspicious. It really comes down to human control...
...thing that should have raised suspicions is that the bank's review of its own investments caused it to pull $250 million from a Madoff feeder fund, Fairfield Greenwich, just months before Madoff was arrested. Chase took this action because it became "concerned about the lack of transparency," and its due diligence "raised doubts" about Madoff's operation...
...government must try to rescue the economy. Former-national bank governor Gyorgy Suranyi and academic Ferenc Glatz have both been mentioned as possible caretaker premiers. Or the country might decide to go to the polls early which would open the way for the rightwing Alliance of Young Democrats (Fidesz) party to gain power. Though Fidesz leaders are publicly calling for an early vote, they may prefer to wait until next year. "Fidesz's rhetoric is that they desperately want elections, but they are afraid of the job," says Political Capital's Szabados. "If they win early elections, they will have...