I am posting the story because Chase did just pay $16 BILL in fines! BILLION! and Now this comes up!

NEW YORK (Reuters) - Two senior officials at JPMorgan Chase & Co and predecessor companies repeatedly confronted Bernard Madoff over irregularities in his business, a new lawsuit said, suggesting that bank leaders had "direct knowledge" of his Ponzi scheme.

The lawsuit filed in federal court in Manhattan on Wednesday on behalf of shareholders against Chief Executive Jamie Dimon and 12 other current and former executives and directors was based in part by statements made by Madoff himself during a series of interviews.

"JPMorgan was uniquely positioned for 20 years to see Madoff's crimes and put a stop to them," the lawsuit said.

"But faced with the prospect of shutting down Madoff's account and losing lucrative profits," it added, "JPMorgan - at its highest level - chose to turn a blind eye."

JPMorgan spokeswoman Tasha Pelio declined to comment on the lawsuit, one of several seeking to hold bank officials responsible for failing to uncover the fraud before it surfaced publicly in December 2008. Madoff, 75, is serving a 150-year prison term after pleading guilty to fraud in March 2009.

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

Working for a different TBTF bank during the Capital Crisis, we were all amazed that Jamie & Co didn't have the same level of issues that others had … now we just know he hid them better.

boycott all national and international banks. use local only.

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the world will always the world. your entire existence is defined by your response.

The few that are left, but yes that would be a good move. Citizens doing what the government wouldn't.

common sense says Chase & B of A got screwed over when they bought bad companies like 'countrywide' just to allegedly save all our collective asses, then got fined for activity those companies did?

The banks mentioned it was Bullshit, but they didnt fight it and they paid it all really quick.

Going to assume they made many Billions on those "forced" deals and thats why they paid the fine without a fight.

Ike, I am all for using the smaller banks, but they are lazy people usually. They are built for checking and savings accounts and to do a loan at a small bank has fees 2 x's normal and most of them wont do a loan unless you have been a customer for a long period of time

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”