The government’s settlement of criminal and civil charges against J.P. Morgan ChaseJPM +0.81% & Co. for failing to alert authorities to suspicions about Bernard Madoff’s massive Ponzi scheme resolves some key issues but, as is the case with many aspects of this extraordinary fraud, it also left several mysteries. In its statement of facts in the case agreed to by J.P. Morgan, the government described what it characterized as a big check-kiting operation involving Mr. Madoff’s securities firm and one of his largest clients, identified only as “Private Bank Client.” More in the Wall Street Journal here.
