Another straw in the gassy wind of Chase.
"While numerous financial institutions enabled Madoff's fraud, JPMC was at the very center of that fraud, and thoroughly complicit in it," according to the 115-page lawsuit, filed under seal in December by Irving Picard, the trustee seeking to recover money for Mr. Madoff's victims and made public on Thursday. --quoted at Ticker
But hey, Chase made 'hundreds of millions of dollars' on the deal. Whassamatta that?
JPMorganChase is not a 'friendly neighborhood banker' now, and has not been one for at least the last three or four years.
Too big to be useful.
Chase has the world's longest "float-clearing" timeframe, by the way. It's comical; the FRB electronically clears checks these days and Chase wants 5 days. Thirty years ago, checks were cleared by HAND and float was 3 days.
You know the old saying: bulls and bears win, pigs lose.
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