Madoff to NY newspaper: Banks 'complicit' in fraud

Disgraced Wall Street financier Bernard Madoff said in an interview published online Tuesday that banks and hedge funds were "complicit" in his scheme to fleece victims out of billions of dollars.

Madoff did not name any institutions in his series of interviews with The New York Times but said banks and hedge funds "were complicit in one form or another." He said they failed to scrutinize the discrepancies between his regulatory filings and other ... Full Story »

Posted by Dwight Rousu
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Posted by: Posted by Dwight Rousu - Feb 15, 2011 - 11:17 PM PST
Reviewed by: Dwight Rousu (review)
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Edited by: Dwight Rousu - Feb 15, 2011 - 11:19 PM PST

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Dwight Rousu
3.5
by Dwight Rousu - Feb. 15, 2011

As stated in a comment from Penny For Thought: Obviously many people were complicit !!! And not only banks! There was a man who faught during 10 YEARS to denounce Madoff, but nobody wanted to do something, that could not happen without some "help" !? So the regulators were explicitly refusing to do their job when informed by a whistleblower. That should make them complicit. What has changed?

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