posted April 13, 2013 07:17 PM
April 13, 2013 11:00 AM
Bank Corruption: Your Moment of Zen
By Richard RJ Eskow
Federal agents secretly photographed Scott London, left, accepting a cash payment in exchange for secret information about his clients.
Now this is interesting. Fidelity was able to flag an individual account for insider trading, presumably because suspicious patterns arose in the trading, leading to the arrest of a small-time player in the financial industry.
The party in question, an accountant with KMPG, traded insider information for a Rolex watch, some Springsteen tickets, and (according to some sources) about a hundred thousand dollars. His "client" made about a million dollars before turning state's evidence after Fidelity tipped the Feds to some funny transactions on his account.
And yet, despite handling his account for years, JPMorgan Chase never noticed anything suspicious about Bernie Maddoff's enormous operation.
Funny how that happens, isn't it? Steal a million, you get a knock on the door. Steal a billion, you're a hero. Steal $100 billion, they float your name as Treasury Secretary. http://crooksandliars.com/