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bernie-madoff

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On the heels of an anticipated $13 billion fine to make its responsibility go away in the mortgage meltdown, the storied bank reportedly is in talks for a “deferred prosecution agreement” over its handling of some of Bernie Madoff’s Ponzi money. Short version: Pay a fine, and the bank avoids criminal charges. So in addition to being "too big to fail," now we have "too big to be guilty."

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What’s worse: to be persecuted and indicted for trying to expose an act of wrongdoing? Or -- like so many in the corporate and financial world -- to be ignored for doing so?

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It appears that some higher-ups at JPMorgan Chase were on to fraudster Bernie Madoff nearly two years before the catastrophic implosion of his Ponzi scheme, but said execs didn't take this knowledge as reason enough to stop doing business with him.

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The cash pot available to compensate victims of Bernie Madoff’s massive Ponzi scheme has grown by $7.2 billion after a settlement was reached with the estate of a Palm Beach client of the Wall Street shyster.

A&C News

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The economic downturn has been rough on countless industries, and arts organizations in New York City that rely on endowment money to survive have been hit hard -- not just, as City Journal's James Panero points out, by the immediate effects of the meltdown felt round the world, but also by the "indirect effects" of how some of their funds have been managed.

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