It looks like JP Morgan Chase will finally have to pay up and maybe confess to its sloppy, maybe slippery relationship with the best known criminal of the 21st century so far, one Bernie Madoff. In 2011 I first wrote about highly questionable transactions in the apparent laundering of money between Madoff and another wealthy client of the bank, real estate developer Norman Levy. According to court documents filed at the time between $76 billion and $100 billion (that’s right, “billion” not “million”) were shifted, one might guess laundered from Madoff’s business account to Levy’s account, and then subsequently moved back into the Madoff account without a single inquiry from bank officials so far as we know. More in Forbes here.
