The Daily Telegraph reports that the revelation came as JP Morgan agreed to pay $2.6bn to resolve US claims that it ignored signs of Madoff’s crime.
'JPMorgan had an inadquate and ineffective anti-money laundering program,' Manhattan US Attorney Preet Bharara said. 'The bank connected the dots when it came to its own profits, but not when it came to its own legal obligations'.
Employees then yanked out most of the bank’s own money invested with Madoff-related funds and congratulated themselves after his arrest on the money they’d saved the bank.
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