Bernie Madoff points finger at big banks who ‘knew what was going on’ during his scam

Posted: April 11, 2011 in US News

David Gardner
Mail Online
April 11, 2011

Top Wall Street executives knew about Bernie Madoff’s multi-billion dollar scam but didn’t do anything about it, the jailed swindler has revealed in a bombshell new interview.

Madoff, now 72, pointed a finger at senior executives at JPMorgan Chase.

And he claimed that other banks were ‘going to have big problems’ when all the facts are disclosed.

In the jailhouse interview with the Financial Times, Madoff said all the banks he worked with had sufficient information about his accounts to detect any suspicious activity.

Madoff said: ‘I am not a banker, but I know that $100 billion going in and out of a bank account is something that should alert you to something.

‘There were senior people at the bank who knew what was going on,’ he added.

He didn’t elaborate any further in what was described as a ‘rambling’
interview.

The accusation comes four months after JPMorgan Chase was sued by trustee Irving Picard on behalf of Madoff’s cheated investors.

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