Letter: Disappointed in JP Morgan decision
A branch of JPMorgan Chase bank in Manhattan. JPMorgan was Bernie Madoff's primary bank in the later years of a multidecade fraud that ended in 2008 when he revealed to the FBI that his investment advisory business was a Ponzi scheme. (Jan. 6, 2014) Credit: EPA
I read where JP Morgan Chase & Co. graciously agreed to pay $2 billion for turning a blind eye toward the Bernard Madoff Ponzi scheme ["JP Morgan to pay $2B in Madoff case," News, Jan. 8].
Well, that's not enough. This money, in the end, will be paid by the stockholders.
What about the bigwig corporate executives who received multi-millions of dollars in bonuses while this was going on? Shouldn't they be made to forfeit and return that money? They certainly did not earn it.
Ed Fremer, Sound Beach
