Even after five years, it is still unclear what exactly JPMorgan Chase bankers knew about Bernard L. Madoff’s huge Ponzi scheme. A newly obtained government document does not provide the answer, but does shed some light on why the mystery remains, Ben Protess and Jessica Silver-Greenberg write in DealBook. The document reveals that JPMorgan and federal regulators fought over access to bank employee interviews, eventually pitting the Justice Department against the Office of the Comptroller of the Currency. The document shows that, around the time of Mr. Madoff’s arrest in December 2008, JPMorgan’s lawyers interviewed dozens of bank employees who might have crossed paths with Mr. Madoff’s company. Federal regulators at the comptroller’s office sought copies of the lawyers’ interview notes in the hopes that they would provide a glimpse into the bank’s actions, but JPMorgan refused to hand over the notes, citing confidentiality requirements like the attorney-client privilege. More in the New York Times here.
