Irving Picard: JPMorgan Was Warned About Madoff

JPMorgan (JPM) executives were concerned that Bernard Madoff was running a Ponzi scheme, but they silently stood by for years to protect the bank’s investments, the trustee for Madoff’s investors said. Irving Picard made the accusation on Thursday in connection with his unsealing of his $6.4 billion complaint against the bank, which was originally filed in December with federal bankruptcy court in Manhattan. – Reuters

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