By James J. Treacy
 The New York Times headline leapt off the front page: “Criminal Action Is Expected for JPMorgan in Madoff Case.” According to a leak, the United States Attorney’s Office for the Southern District of New York, after considering a criminal indictment, is about to extract $2 billion in penalties and a deferred prosecution agreement from JPMorgan. Why? For failure to provide adequate warnings about the $65 billion Bernie Madoff Ponzi scheme. Five years after Madoff’s arrest, he’s still making headlines and governments are still passing blame for their own miscue.
The Wall Street Journal explained that the government’s case against one of the world’s best-known banks — JPMorgan — would most likely center on its failure to file a so-called suspicious activity report about Mr. Madoff. Supposedly, JPMorgan alerted the authorities in Britain to concern about Mr. Madoff, but surprisingly it did not sound the alarms with American regulators. That’s some oversight on the bank’s part. Yet, it should be noted that the Wall Street Journal recently reported that this “British alert” was filed by JPMorgan’s London office on October 28, 2008 — just forty-four days before Madoff was finally found out and arrested.
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ABOUT THE AUTHOR James J. Treacy was president and chief operating officer of Monster Worldwide before being prosecuted in the backdated options frenzy. |
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