JPMorgan will pay a “big settlement,” says Bernie Madoff, because senior execs knew “what was going on.”
While Bernie Madoff scammed investors out of billions of dollars, the bank saw $100 billion go in and out, and did nothing, he told the Financial Times.
Madoff said: “JPMorgan doesn’t have a chance in hell of not coming up with a big settlement.”
“I am not a banker but I know that $100bn going in and out of a bank account is something that should alert you to something.”
“JPMorgan got all the financial statements.”
“There were senior people at the bank who knew what was going on,” he emphasised, without naming anyone. There will be a big interview with Madoff in this weekend’s Financial Times.
Of course Madoff has tried to spread the blame before. But his upcoming interview might suggest that JPMorgan, UBS, and/or HSBC will have to settle with Irving Picard, who sued the firms on behalf of investors for $6.4 billion, $2 billion, and $9 billion.
Should be interesting.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.