laundering billions | FORECLOSURE FRAUD | by DinSFLA

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FORBES | Contemptible Performance by JP Morgan Chase Re Madoff

FORBES | Contemptible Performance by JP Morgan Chase Re Madoff

Robert Lenzner
Feb. 26 2011 – 8:06 pm

I am astounded, stunned, shocked and ferociously outraged by the amoral performance of the establishment bank in America– JP Morgan Chase.(JPM,NYSE)

For 7 years, from 1998 until 2005 , JPMorgan Chase sat by passively and negligently while $76 billion– yes $76 biillion– was laundered in exchanges between two of the bank’s wealthy customers– Bernard Madoff’s Investment Account 703 and the Private Bank Customer Number 1, who has been identified as Norman Levy, a New York real estate developer, who died in 2005.

That’s $76 billion, which clearly did not belong to either Madoff or Levy. That’s $76 billion– more money than either Warren Buffett or Bill Gates are worth today. The amount involved beats the amounts involved in any scandal involving Swiss banks that have been hiding money for wealthy Americans wishing to avoid taxes.

continue reading … FORBES

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