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From Prison, Madoff Says Banks ‘Had to Know’ of Fraud
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From Prison, Madoff Says Banks ‘Had to Know’ of Fraud

  #1 (permalink)
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From Prison, Madoff Says Banks ‘Had to Know’ of Fraud

In his first interview for publication since his arrest, Bernard L. Madoff insisted that his family knew nothing about his crimes, but some banks and hedge funds “had to know.” The NYT reports.

More on CNBC...

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  #2 (permalink)
Trading Experience: Intermediate
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Posts: 56 since Mar 2010
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Banks ‘Had to Know’ of Fraud

This reminds me of Germany's Jurgen Schneider.

He doctored for a loan the informations for the new building of the Zeilgalerie in Frankfurt from the actual usable area of 9,000 square meters in the documents on supposed 22,000! An employee of the mortgage subsidiary of German bank allegedly told him to just increase the loan value for the object.

To the employees of the German bank this had apparently escaped. Maybe the examination that on the construction sign (a stone's throw away from her headquarters) the usable area was given correctly with 9,000 square meters had been a good idea.

However Juergen Schneider's extreme renovation engagement and the systematic weaknesses of the bank sector enabled the luxurious renovation of numerously historical constructions.

Nevertheless still a kind of remaining and invalueable worth isn't it?

Fo further reading: All fall down - Life & Style - The Independent

PS: Maybe you argued... because of the outstanding accounts from the construction workers? Don't worry, Hilmar Kopper who was the CEO at that time promised to pay them all.

PPS: No, probably not because of his great heart but because of his declaration of the outstanding 50 million Deutsch Mark as 'peanuts' which wasn't rally duly arrived by the people.

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  #3 (permalink)
Milan (I)
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Favorite Futures: FDAX,6E,CL,YM,NQ,ES
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Posts: 1,653 since Oct 2010
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whether your name is Jérôme Kerviel, Jurgen Schneider,Rudolf Elmer,Bernard Maddof, Calisto Tanzi, Michele Sindona, and the list goes on and's always the same game....opportunity makes the thief. The banks always know, problem is when politic is involved.

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