Tuesday, February 15, 2011

Gee Duh, Of Course the Banks were in on the Madoff Scandal

"Convicted fraudster Bernard L. Madoff believes banks and hedge funds were complicit in his elaborate multi-billion dollar Ponzi scheme, The New York Times reported Tuesday.
In an interview from prison in North Carolina, the 72-year-old pointed to the "willful blindness" of many financial institutions who dealt with his investment advisory business, highlighting their failure to examine discrepancies between his regulatory filings and other information available to them.

"They had to know," Madoff said. "But the attitude was sort of, 'If you're doing something wrong, we don't want to know.'"

Madoff, who is serving a 150-year sentence in Butner Federal Correctional Institution, has previously claimed that he was the only person involved in the massive fraud.
In the interview with The Times, he maintains that his family members knew nothing about his crimes and says he never thought the collapse of his Ponzi scheme and his arrest in December 2008 would cause the sort of destruction that has since befallen his relatives. "

Source and Full Doc.
http://www.foxnews.com/us/2011/02/15/madoff-banks-know-multi-billion-dollar-fraud/

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