On Sunday, Jan. 19, the Mirror you published a piece by Diane Diamond of Creators Syndicate where she expresses anger at J.P. Morgan’s lack of oversight of Bernie Madoff’s scheme.
I assume that she knows that Harry Markopolos reported Madoff’s misdeeds to the Securities & Exchange Commission three times with evidence and his reports fell on deaf ears. Recall that it is the SEC’s responsibility, not J.P. Morgan’s to stamp out securities fraud.
The editors of The Wall Street Journal recently pointed out that the Justice Department is collecting most of the $2 billion settlement even though the feds missed the previous complaints handed to them by Markopolos, a graduate of Erie Cathedral Prep in Erie.
Diamond says the bank stood mute while its customers were robbed, but Madoff’s customers were very happy to give the money to him until the very last.
If J.P. Morgan had a substantial amount of money invested with Madoff what makes Diamond think they knew he was a crook?
Ramon C. Burket