16 February 2011

Unsurprising News of the Day

Bernie Madoff is now saying that the banks were complicit or willfully blind with regard to his Ponzi scheme:
In his first interview for publication since his arrest in December 2008, Mr. Madoff — looking noticeably thinner and rumpled in khaki prison garb — maintained that family members knew nothing about his crimes.

But during a private two-hour interview in a visitor room here on Tuesday, and in earlier e-mail exchanges, he asserted that unidentified banks and hedge funds were somehow “complicit” in his elaborate fraud, an about-face from earlier claims that he was the only person involved.

………

In many ways, however, Mr. Madoff seemed unchanged. He spoke with great intensity and fluency about his dealings with various banks and hedge funds, pointing to their “willful blindness” and their failure to examine discrepancies between his regulatory filings and other information available to them.

“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ ”
There's a surprise.

The banks generated big fees by sending their customers to someone that they thought might not be on the up and up, and "surprise", they made a point of not turning over the rocks?

Why is only Bernie going to jail?

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