J.P. Morgan is reportedly also embroiled in a squabble with regulators over a government probe into the institution’s relationship with Madoff. According to a January report by Reuters, the OCC, J.P. Morgan’s chief regulator, has been unable to obtain documents it requested from the bank in connection with an investigation into its relationship with Madoff.
“Squabble”? A billion dollar scam a squabble? Break into a liquor store after hours and steal three hundred and see if the mainstream media will call your arrest a squabble with the police. Oh it is good to be the king, even better to own the press.
Nothing is going to happen here folks. This is just a lot of noise-making for the public. JPMC will pay some ridiculously small fine–a fraction of what they embezzled–and it will all be forgotten. That is by everyone except those who lost everything they had worked for all their lives stolen by Broadside Bernie and his banker buddies.
I have suspected from the outset that the Madoff affair, such as it was reported, concealed a deeper truth. It is inconceivable that the banks that conspired with…er…dealt with the swindler didn’t know it was going on. He reported the same earnings for several years in a row. That is like throwing a thousand pennies up into the air several times and having the same number land heads up each time. It’s just not possible.
It could be just a case of theft, but something still tells me it is more than that. Doubts will remain until every dollar that passed through his hands is accounted for, and all interested parties identified by person (i.e. not corporations or funds). But that will likely never happen.